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Microsoft is partnering
with Israel’s Bank Hapoalim on a blockchain-based platform to support digital
bank guarantees for customers, according to The Times of Israel.
Bank Hapoalim becomes the
first Israeli bank to deploy blockchain technology in financial contracts, the
lender noted in a statement.
The project will simplify
and hasten the process of signing up guarantors.
Bank customers in need of
a bank guarantee typically have to go to a branch, transfer the guarantee to
the beneficiary, then return it to the bank in the event the guarantee is not
used.
Simplifying Bank Guarantees
Arik Pinto, Bank
Hapoalim’s CEO, said in a prepared statement that bank customers will receive
security documents in an automated, digital and secure manner and in a short
process.
The use of blockchain
technology will “significantly improve” the customer’s level of trust in the
banking system, as well as the customer experience, he said.
Under the partnership,
Microsoft will create a new tool using its Azure cloud platform.
Bank Hapoalim is also
working with the Bank of Israel and other parties to update regulatory
requirements in order to allow the use of new technology.
Shelly Landsmann, CEO of
Microsoft Israel, said the partnership marks the first such collaboration in
the country’s banking sector to enable a digital revolution and to combine
business and technology needs and to enable access to advanced services.
Azure Finds New Applications
Microsoft, according to
Landsmann, is supporting numerous blockchain technologies to support the
deployment of various types of networks, depending on the business needs and
the system, on the Azure cloud platform.
Microsoft launched its
Azure blockchain service in India late last year, allowing Azure customers to
tap Microsoft’s blockchain partners’ solutions with a single click deployment.
The availability of Azure
from local, hyper-scale data centers in India will enable blockchain adoption
in regulated sectors such as financial services, insurance and health care, as
well as governments.
In 2015, Microsoft
announced a partnership with ConsenSys, an Ethereum coder collective, to offer
a blockchain-as-an-enterprise solution for Azure customers.
That partnership allows
enterprise users on Azure to access Ethereum Blockchain-as-a-Service (E BaaS).
Source: COINREUM
Source: COINREUM
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