- The Tel Aviv Stock Exchange and the Office of the Accountant General at the Israeli Ministry of Finance have announced the successful completion of the Proof-of-Concept phase for Project Eden, a blockchain-based digital bond system created as part of the Israeli government's efforts to modernize the country’s financial markets.
“This joint endeavor marks a significant milestone in revolutionizing the settlement and issuance processes in traditional capital markets,” the announcement said. “The collaborative team has dedicated substantial effort and expertise to examine the application of blockchain infrastructure in the issuance and settlement of digital government bonds.”
A digital ‘Payment Token’ representing one Israeli Shekel was also introduced as part of the Eden ecosystem. The payment token served as a fundamental component of the settlement process. The TASE Bond Management smart contract served as an intermediary between the issuer and the investors, which helped ensure the verification of valid and approved tokens, prevent inconsistencies or incomplete transfers, and guarantee the accurate transfer of tokens.
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