Israel Workers Bank, Microsoft on the chain chain technology to cooperate


nnnOn Wednesday, Bank Hapoalim and Microsoft issued a statement on Wednesday announcing that they will work together to build a platform for creating digital banking guarantees based on block-chain technology. It is reported that Microsoft will use its Azure cloud platform to develop a new tool to test the functionality of applications based on block-chain technology. And this cooperation marks the Israeli workers’ bank becoming the country’s first bank to use block-chain technology for financial contracts. According to the bank’s chief executive, the use of block-chain technology will greatly improve the user experience and the degree of trust in the banking system.n
nnTranslation: Clovern
nIsraeli lenders and US software giants will work together to create digital banking guarantees based on block chain technology.n
nBank Hapoalim and the software giant said on Wednesday that the two sides will cooperate to build a platform based on block-chain technology to create a digital banking guarantee.n
nBlock-chain technology is the main global software platform for digital assets. And the bank guarantee is to ensure that the debtor to meet their responsibilities of the lending institutions (such as banks) made the guarantee. This allows customers to purchase goods or equipment that are supported by bank guarantees.n
nThe lender said in a statement that the Israeli Workers’ Bank’s cooperation with Microsoft made it the first bank in Israel to use block-chain technology for financial contracts. The bank said the “groundbreaking project” would help to promote the signing process of the sponsor more simple and quick – the current bank guarantee customers need to personally come to a branch, to the beneficiaries to transfer security, and if not And then return it to the bank.n
nArik Pinto, chief executive of the Workers’ Bank, said in a statement:n
nn”The new process will enable workers’ bank customers to receive security documents in a digital, automated and secure manner, using block-chain technology that will greatly improve the user experience and trust in the banking system.”n
nnAs part of working with the workers’ bank, Microsoft will use its Azure cloud platform to develop a new tool to test the functionality of applications based on block-chain technology. The statement said workers’ banks would also work with other entities, including Bank of Israel, to update regulatory requirements and promote the use of the latest technology.n
nMicrosoft’s chief executive, Shelly Landsmann, said:n
nn”This is the first time that the Israeli banking sector has been engaged in this type of cooperation, which will achieve a digital revolution, access to advanced services, and technology and business needs to combine.Currently, Microsoft is relying on the Azure cloud platform to rely on the system and no need to support a large number of Block chain technology projects to facilitate the deployment of different types of networks.n

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