Israel’s Biggest Bank Partners Microsoft to Offer Bank Guarantees on a Blockchain

Israel’s Biggest Bank Partners Microsoft to Offer Bank Guarantees on a Blockchain:

Microsoft is partnering with Israel’s Bank Hapoalim on a blockchain-based platform to support digital bank guarantees for customers, according to The Times of Israel.

Bank Hapoalim becomes the first Israeli bank to deploy blockchain technology in financial contracts, the lender noted in a statement. The project will simplify and hasten the process of signing up guarantors. Bank customers in need of a bank guarantee typically have to go to a branch, transfer the guarantee to the beneficiary, then return it to the bank in the event the guarantee is not used.

H/t reader kevin a

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