The companies decided to investigate the use of this technology due to the recent growth in adoption and application of this technology, along with cryptocurrencies such as Bitcoin, by large companies and entities of global stature, in addition to facing advances and innovations cybernetics in a "hyperconnected" world. Regarding the motivations of the strategic alliance, IAI CEO Joseph Weiss said:

"Collaboration with Hapoalim is part of IAI's strategy to strengthen its control as a leading participant in Israel and around the world. The new collaboration will help us to develop in areas of high potential such as blockchain technology."

"We welcome the new collaboration with IAI on cyber security and information for our customers and business partners. Hapoalim invests heavily in cybersecurity as part of its strategy to provide the most efficient and innovative services with a strong focus on information security."

IAI also aims to investigate and investigate the implementation of blockchain in innovative technologies in cybersecurity, focused on critical military and civilian systems, one of the main drivers of IAI. For its part, the blockchain application provides the bank with the possibility of optimising and making communications with customers, suppliers and partners more secure.

It should be noted that both entities are leaders in each of their sectors. In fact, Banco Hapoalim, with more than 260 branches, marks a significant presence in the financial markets around the world; IAI, apart from producing missile and avionics systems, also performs the maintenance of military and civilian aircraft purchased abroad.

This is not the bank's first foray into the application of blockchain technology. In September last year, it announced a partnership with Microsoft to digitize its bank guarantees using blockchain, the first time technology was used in Israel. After this, the country has even considered launching a digital currency to replace cash.