The Tel Aviv Stock Exchange (TASE) has teamed up with Accenture and The Floor companies to design a blockchain-based lending platform that will provide an easier way to take possession of financial resources.
More and more financial organizations across the globe are embracing blockchain tech, the aspect that features as well the Tel Aviv Stock Exchange. Together with giant Accenture and Israel-based fintech startup The Floor, TASE plans to launch a BSL platform, which will act as a “one-stop-shop”.
The new platform aims to reduce costs and intermediaries, improve security, and offer a diverse range of lending activities. The platform will be designed on a Hyperledger protocol.
“Blockchain technology will present a new level of safety for securities lending and will support growth for transactions based on this new platform. Without a doubt, TASE is now, more than ever before, a global financial innovation leader,” stated CEO of TASE Ittai Ben-Zeev.
Accenture will handle Smart Contracts
Within the project, Accenture will handle the Smart Contracts as well as other technical support for the BSL platform.
Jacob Benadiba, the Managing Director of Israel Accenture, claimed:
“We are very pleased to provide our expertise and capabilities in blockchain, capital markets and fintech ecosystem in order to facilitate this exceptional collaboration. This project will help TASE create an innovative end-to-end solution that addresses their business, security and technological needs under an extremely powerful new paradigm.”
Israel is still at the beginning of the road in the blockchain sector. The country is often compared as a beginner technological hub. Many companies have already settled in Israel, planning to develop this sector in the near future. The problem arises, however, from government authorities that have restricted the use of cryptocurrencies. Due to their taxation, some companies have decided to move to more permissive countries.