The tel Aviv stock exchange (TASE) in collaboration with the American consulting company Accenture and the Israeli FINTECH-the center of The Floor, creating a blockchain-based platform lending of securities (BSL), which aims to direct lending for all financial instruments.
The press realese said that BSL will act as a “one center for all types of lending activity securities, allowing you to access large amounts of securities in less time, even when working on short-term positions.”
The platform is designed to reduce costs, increase security and provide more flexible credit activities. It is powered by Sawtooth blockchain consortium Hyperledger using the extension, Intel Software Guard Extensions designed to improve security of software code and data.
According to representatives of partner companies, the blockchain increases the privacy for users of the system and ensures the implementation of peer-to-peer transactions, the functioning of smart contracts and the security of the invariant registry.
“Blockchain technology will introduce a new level of security for the lending of securities and the new platform will support the growth of transactions. Now TASE is a global leader in the field of financial innovation, to a greater extent than before”, — said Director General of the TASE Ittai Ben-Zeev (Ittai Ben-Zeev).
Consulting company Accenture will work to develop smart contracts platform, and to offer other services to support BSL, including project management, system integration and consulting in the field of cybersecurity.
“We are pleased to use our experience and capabilities in the blockchain, capital markets, and the FINTECH ecosystem, in order to facilitate this exceptional cooperation,” said Jacob Benadiba (Jacob Benadiba), managing Director of the Israeli branch of Accenture. “This project will help the TASE to create an innovative comprehensive solution focused on their business, security and technological needs within the framework of an extremely powerful new paradigm”.