The country that helped pioneer modern cybersecurity should not be content to remain dependent on yesterday’s financial infrastructure.
Israel has built one of the world’s most innovative technology economies. It has produced globally competitive cybersecurity companies, semiconductor designers, artificial intelligence startups and financial technology businesses.
Yet much of the country’s international financial activity still depends on conventional banking infrastructure controlled by institutions beyond Israel’s borders. This means that governments can exert tremendous influence over international commerce by restricting access to the institutions that make transactions possible.
An Israeli company may have a willing buyer, a willing seller and a perfectly legitimate product, yet still find itself unable to complete a transaction because a bank or payment processor refuses to participate.
Prime Minister Benjamin Netanyahu’s recent proposal to explore blockchain technology as a defense against potential banking sanctions presents an opportunity to change this reality.
See my full article at the Times of Israel here: https://blogs.timesofisrael.com/netanyahu-is-right-about-blockchain-technology/
