Israel's IAI, Poalim Bank to Create Cyber Solutions Using Blockchain Technology

Israel’s largest bank Poalim Bank and prime aerospace and aviation manufacturer Israel Aerospace Industries (IAI) have announced collaboration for 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 cyber security 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 knowhow 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 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. This technology offers Poalim the potential of more secured communication with customers, suppliers and partners. Similarly, IAI seeks to develop elite cyber security technologies for critical military and civilian systems that are part of its cyber operations, which are strategic growth engines for IAI.

Arik Pinto, Poalim CEO, said, "We welcome the new collaboration with IAI in cyber and information security for our customers and business partners. Poalim invests heavily in cyber security as part of its strategy to provide the most efficient and innovative services with strong focus on information security."

Joseph Weiss, IAI CEO, said, "IAI has defined cyber as strategic growth engine with massive investment in cyber R&D. the collaboration with Poalim is part of IAI strategy to tighten its grip as a leading cyber player in Israel and globally. The new collaboration will help us develop into high-potential areas such as Blockchain technology".