Israel's leading aerospace industry, Israel Aerospace Industries (IAI), established a strategic alliance with Bank Hapoalim - the country's largest bank - to implement blockchain infrastructure in the cybersecurity sector.
The collaboration was announced in a press release on the official IAI website and through local media. From the bank's cybersecurity area, together with IAI, they will investigate the possibilities of blockchain technology applied to cybersecurity and information.
In principle, the joint research of both entities seeks to assess ways in which blockchain could be used in various aspects of cybersecurity, such as user authentication, supply chains, secure transmission of information and data in general, or "critical devices and elements that run without human intervention".
In other words, the two entities believe that technology could be harnessed to manage the information transferred between them - within their systems and between customers or partners - more securely and without human intervention, thanks to the unchangeable and secure logging advantages of the blockchain.
The companies decided to investigate the use of this technology due to the recent growth in adoption and application of this technology, along with cryptocurrencies such as Bitcoin, by large companies and entities of global stature, in addition to facing advances and innovations cybernetics in a "hyperconnected" world. Regarding the motivations of the strategic alliance, IAI CEO Joseph Weiss said:
"Collaboration with Hapoalim is part of IAI's strategy to strengthen its control as a leading participant in Israel and around the world. The new collaboration will help us to develop in areas of high potential such as blockchain technology."
Joseph Weiss
CEO, IAI
While the CEO of Hapoalim, Ari Pinto added:
"We welcome the new collaboration with IAI on cyber security and information for our customers and business partners. Hapoalim invests heavily in cybersecurity as part of its strategy to provide the most efficient and innovative services with a strong focus on information security."
Ari Pinto
CEO, Bank Hapoalim
IAI also aims to investigate and investigate the implementation of blockchain in innovative technologies in cybersecurity, focused on critical military and civilian systems, one of the main drivers of IAI. For its part, the blockchain application provides the bank with the possibility of optimising and making communications with customers, suppliers and partners more secure.
It should be noted that both entities are leaders in each of their sectors. In fact, Banco Hapoalim, with more than 260 branches, marks a significant presence in the financial markets around the world; IAI, apart from producing missile and avionics systems, also performs the maintenance of military and civilian aircraft purchased abroad.
This is not the bank's first foray into the application of blockchain technology. In September last year, it announced a partnership with Microsoft to digitize its bank guarantees using blockchain, the first time technology was used in Israel. After this, the country has even considered launching a digital currency to replace cash.
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