Israel's largest financial institution Bank Hapoalim and Microsoft are developing a blockchain platform for managing digital bank guarantees. This is reported by the Fortune.
According to the developers, the new platform will significantly improve the efficiency of financial operations and reduce the amount of "paper work". At present, in order to receive a bank guarantee, the client must come to the office, issue documents, transfer guarantees to the beneficiaries, return them back to the bank, if they were not used, etc. The new solution is designed to speed up this process by reducing the number of routine operations.
The new process will enable Bank Hapoalim customers to receive security documents in a digital, automated and secure manner, without physically coming to the branch and in a very short process.
The system will use Microsoft's Azure cloud computing platform, as Maersk do.