Poalim Bank’s cybersecurity organisation is set to partner with Israel Aerospace Industries (IAI) to use Blockchain technology for the development of new cyber solutions.
Blockchain technology was popularised by cryptocurrencies such as bitcoin. It allows for the secure transmission of information on the network with no human involvement.
Based on this, IAI seeks to develop elite cybersecurity technologies for critical military and civilian systems.
IAI chief executive officer Joseph Weiss said: “IAI has defined cyber as strategic growth engine with massive investment in cyber research and development (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.”
The companies will undertake joint research to assess how the new technology could be deployed to create cybersecurity solutions. This includes the secure transmission of data between services and supply chains, user authentication, and critical devices and elements that run with no human input.
The collaboration will also utilise the financial security intelligence developed and kept at Poalim, as well as the IAI’s national-defence cyber expertise.
Poalim and IAI will evaluate the use of Blockchain to ensure the secure management of the data transferred among enterprises, within their systems and between customers and business partners.