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Blockchain technology has recently caught the world’s attention because of the central role it plays in enabling cryptocurrencies. It enables secure information transmission on the network with no human involvement. Now, the cybersecurity organization of Poalim Bank and the cyber enterprise of Israel Aerospace Industries (IAI) will collaborate in leveraging Blockchain technology to create innovative cyber solutions.

The joint research undertaken by the two companies will examine how Blockchain, the innovative technology at the basis of cryptocurrencies such as Bitcoin, could be used for developing innovative cybersecurity solutions, such as secure transmission of information between services and supply chains, user authentication, critical devices and elements that run with no human intervention and additional solutions for the cyber challenges in a hyper-connected world.

The new collaboration will harness the vast financial information security know-how developed and kept at Poalim and the national-defense cyber knowhow at IAI. Together, the two companies will investigate how Blockchain could be used by enterprises to more securely manage the information transferred among them, within their systems and between customers or business partners.

Blockchain technology offers Poalim the potential of more secured communication with customers, suppliers and partners. Similarly, IAI seeks to develop elite cybersecurity technologies for critical military and civilian systems that are part of its cyber operations, which are strategic growth engines for IAI.

Tha bank has been investing in cybersecurity and blockchain-based services. The move has been part of IAI strategy to tighten its grip as a leading cyber player in Israel and globally.