Largest Bank in Israel Works with Microsoft for Blockchain Trial
Israel’s largest bank Hapoalim is currently in a trial partnership with Microsoft for a Blockchain project.
Bank Hapoalim, Israel’s largest bank by assets, is looking to digitize their paper-based processes, according to Times of Israel. The bank aims to secure documents in an automated and digital manner without their clients having to go to the bank’s branches.
Digitizing financial assets and resources through Blockchain
Arik Pinto, Bank of Hapoalim’s CEO, has expressed the possibility of using Blockchain technology to accomplish this feat. He believes that technology can have a significant role to improve and make the process easier for their clients.
The bank’s goal is to elevate the customer experience and gain the public’s trust. In order to move forward with its digitization goals, the bank sought help from Microsoft Azure.
The initial partnership discussed between both parties aims to enable Bank Hapoalim’s digitalization of processes. The tech giant will set the bank up with advanced Blockchain services. Azure will provide the bank with an integrated approach to Blockchain through a mixture of technology and business processes.
The chief executive for Microsoft Israel, Shelly Landsmann, showcased the innovation and expressed delight about the partnership.
Safer and more efficient transactions
Blockchain promotes transparency, security, and data protection and has been proven to be much faster than wire transfers. Thus numerous companies and governments have begun experimenting with the technology in hopes of reducing corruption and inefficiency and promoting accountability.