Blockchain Technology Partners (BTP) announced its partnership with the Tel Aviv Stock Exchange (TASE) to ensure the production readiness of its blockchain securities lending (BSL) platform and provide ongoing support once it’s launched.
At present securities lending in Israel is fragmented, inefficient and opaque. TASE sees this as a market opportunity and its BSL platform is designed to address these issues by enabling direct lending among all the major financial participants; and offering a one-stop-shop for all securities lending activities, permitting access to larger securities volumes within shorter timeframes, even operating in shorter-term positions.
“When we set out on this journey with Accenture, Intel and The Floor our goal was to harness the power of cutting-edge blockchain technology to transform the securities lending market in Israel by creating a distributed service available to all our market participants in order to increase the volume of the market and make it available for more players in the market,” said Uri Shavit, EVP, chief information officer at TASE, adding that there is now a clear path to achieving this goal and taking the proof of concept to production.
BSL is a trading platform built on Hyperledger Sawtooth — an open source enterprise blockchain network that has distributed ledger properties, but also works with Intel Software Guard Extensions (Intel SGX) technology to help maintain data privacy so that the details of an individual transaction are only visible to its participants.
With the acceptance testing now firmly in their rear-view mirror, BTP and TASE are moving forward with a comprehensive production readiness program that covers governance, operations, security, support and user acceptance testing in preparation for the launch of the BSL platform later this year.