Bank Hapoalim, in collaboration with the cybersecurity arm of Israel Aerospace Industries (IAI), will look into the potential of blockchain technology for innovative cybersecurity solutions, according to the Times of Israel.

The collaboration is aimed at harnessing Bank Hapoalim’s financial information security know-how and IAI’s national-defense cyber expertise to examine how blockchain could be used by enterprises for more secure transfer of information.

“Hapoalim invests heavily in cybersecurity as part of its strategy to provide the most efficient and innovative services with strong focus on information security,” Arik Pinto, the CEO of Hapoalim, said in the statement.

The research project will focus on developing solutions in areas including secure information transmission between services and supply chains, user authentication, critical devices and elements that run without any human intervention, among others.

The project is expected to help enhance the security of Bank Hapoalim’s communication with customers, suppliers, and partners. On the other hand, IAI will gain experience for the cutting edge cybersecurity solutions it develops.

The initiative follows Bank Hapoalim’s alliance with Microsoft to develop a blockchain-based platform to create digital bank guarantees.