Tel-Aviv Stock Exchange to Develop a Blockchain Securities Lending Platform

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The Tel-Aviv Stock Exchange (TASE) announced it will develop a blockchain securities lending platform in collaboration with Accenture and The Floor, an Israeli fintech hub, which will allow direct lending of all financial tools, reported Coindesk on May 17.

The new blockchain-based platform for lending will be acting as a “one-stop-shop for all securities lending activities, permitting access to larger securities volumes within shorter time-frames, even operating in shorter-term positions.”

Their project was created on Hyperledger’s Sawtooth platform with Intel’s Software Guard Extensions security. They will use Hyperledger’s blockchain technology and aims to give access to various lending activities, reduce costs and enhance security.

The firm expressed it considers blockchain as a system that improves data privacy for users of the ecosystem, and enables peer-to-peer transactions, smart contract functionality and the security of an immutable ledger.

The CEO of TASE, Ittai Ben-Zeev, mentioned,

“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.”

Accenture will be working on developing smart contracts for the platform and will also be offering other services such as project management and systems integration.

Jacob Benadiba, the managing director of Israel Accenture, expressed,

“We are very pleased to provide our expertise and capabilities in blockchain, capital markets and fintech ecosystems 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.”

 

 

 

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