Banks and the Aerospace Industry Working Together with Blockchain

· 05 Jan 2018 in Crypto News, Home

The start-up country, Israel, has many enterprises involved in the development of blockchain technology. On January the 4th, the largest bank in Israel, Bank Hapoalim, announced that it will work with the cybersecurity department of Israel Aerospace Industries (IAI) in order to test a blockchain-based defence system.

Blockchain Industry from Financial Uses to National Defence

Blockchain industry is moving fast in different fields. Different times we have heard how it is expanding among various industries. Governments are using this technology as well. At UseTheBitcoin we wrote how the Dutch Government is experimenting with this technology in different areas.

In Israel, the state-owned bank brings the expertise within the field of financial data to use it with IAI’s defence systems to protect against cyber attacks. That means that blockchain technology will be used by different enterprises in different fields but in order to improve the security of a country.

IAI CEO Joseph Weiss explained:

“IAI has defined cyber as a strategic growth engine with massive investment in cyber R&D. The collaboration with Hapoalim 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.”

Blockchain can Help to Improve a Country’s Defence System

Israel is located in a really conflictive geographic zone and it’s of importance to have a strong military and cyber defence. Blockchain can add a lot to countries by providing new ways of security measures.

Bank Hapoalim and IAI have been investing in cyber security due to the importance that technology is playing in the new international stage. Today, almost everything is contacted to the internet, included planes and other military equipment. If financial institutions and military forces are not prepared for a cyber attack, then the country is more vulnerable to suffer loses.

Blockchain is being used in many different areas. It is time for states and enterprises to start to invest in this technology so as to not lag behind. In case of a cyber attack, IAI and Hapoalim are one step further than other banks and defence systems around the world.

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