Intel establishes innovation lab in Israel to develop blockchain technology

Rage Comment : Intel has set up a development laboratory in Israel to study financial technologies including blockchain technology. It has also cooperated with the Internet financial organization The Floor to strengthen the influence of blockchain technology in Israel's financial field. In May, Intel was studying the mining chips dedicated to Bitcoin startup 21 Inc. This cooperation also means that the development of blockchain in Israel has begun. As a technology giant, Intel's participation in the development of blockchain technology is believed to bring more efficient blockchain application cases.

Translation: Nicole

Tech giant Intel has opened a development lab in Tel Aviv, Israel, focused on financial technologies like blockchain.

According to The Jerusalem Post, the company is working with Israeli internet finance organization The Floor, which is based at the Tel Aviv Stock Exchange and received a $2 million investment from Chinese venture capital firm Pando Group earlier this year.

Technologies that the lab will also investigate include Internet of Things connected devices, cloud computing and biometric applications.

Sharon Puterman-Zafrir, IoT Israel Distribution Manager, said in the statement:

“Through this partnership, Intel and The Floor will lead the development of blockchain technology in Israel and strengthen its impact in the financial sector, from users to cloud platforms.”

The company is no stranger to focusing on internal projects for blockchain applications, and through this industry collaboration, development work on blockchain technology has already begun.

In May, CoinDesk reported that Intel was researching and developing mining chips specifically for bitcoin startup 21 Inc.

Earlier this year, Intel partnered with the open-source Hyperledger project to unveil an internal blockchain test that simulated a fantasy sports market where players could trade virtual team stocks. In April, Intel formally committed to Hyperledger, a distributed ledger platform dubbed Sawtooth Lake.

Intel did not immediately respond to requests for comment.