- smisrbrown - Tel Aviv Stock Exchange Launches Blockchain-Based Securities Lending Platform

The Tel Aviv Exchange (TASE) has announced a blockchain platform for lending in a unique venture for the country.

In partnership with the city’s fintech hub – The Floor, consultants Accenture and technology giant Intel, TASE will be launching a platform called “Blockchain Securities Lending” (BSL) which will harness blockchain technology for securities lending.

The official press release explains that the BSL will function as a “one-stop-shop for all securities lending activities, permitting access to larger securities volumes within shorter -frames, even operating in shorter-term positions.”

Blockchain, the firms say, improves data for users of the system, and enables peer-to-peer transactions, contract functionality and the security of an immutable ledger.

Ittai Ben-Zeev, CEO of TASE, said:

“Blockchain technology will present a new level of safety for securities lending and will support growth for transactions based on this new platform. Without a doubt, TASE is now, more than ever before, a global financial innovation leader.”

The firms involved also tout the increased privacy that will come along with blockchain transactions – as well as the reduced costs.

Originating during a hackathon in 2017, the platform was built using Hyperledger’s Sawtooth infrastructure and utilises Intel’s Software Guard Extensions technology to encrypt transaction data. Management consultancy firm Accenture is working on the development of smart contracts and security among other features.

Blockchain, the firms say, improves data privacy for users of the system, and enables peer-to-peer transactions, smart contract functionality and the security of an immutable ledger.

Rick Echevarria, Vice President of Software and Services Group at Intel explained the significance of blockchain for the financial services :

“Intel believes blockchain can transform business processes, and Intel SGX technology is an important enabling technology for blockhain solutions. Today’s announcement is exciting as it demonstrates the progress made by TASE, The Floor, and Accenture in developing a solution that accelerates blockchain adoption and, more importantly, brings value to the financial services market in Israel.”

For its role in the project, Accenture will work on the platform’s smart contracts development, as well as offering other services to support the BSL platform, project management, integration, cybersecurity consulting, and others.

“We are very pleased to provide our expertise and capabilities in blockchain, capital markets and fintech ecosystems in order to facilitate this exceptional collaboration,” said Jacob Benadiba, managing director of Israel Accenture. “This project will help TASE create an innovative end-to-end solution that addresses their business, security and technological needs under an extremely powerful new paradigm.”

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