The Tel Aviv Stock Exchange (TASE) and the Israeli Ministry of Finance completed test trials of the Eden blockchain platform, in which the first fictitious digital government bond in the form of ERC-1155 was issued.
The Israeli Ministry of Finance, together with the Tel Aviv Stock Exchange (TASE), announced the successful completion of the Eden project’s test trials. The project focused on exploring the use of blockchain infrastructure to issue and settle digital government bonds.
As part of testing the capabilities of the Eden platform, the first fictitious digital government bond was created and issued. It’s a securitized ERC-1155 token that can be used in dApp. An EVM-compatible blockchain was used to trial run the token, potentially allowing for future integration with other blockchain networks.
The Eden blockchain platform was also tested for its ability to facilitate settlement using securitized tokens and other digital currencies, including central bank digital currencies (CBDC). For example, the settlement of securities was successfully tested through the TASE Bond Management smart contract, which acted as an intermediary between the issuer and investors. Thus, the project proved that smart contracts can provide verification of transactions and tokens involved in the transaction, as well as prevent the risk of inconsistency or incomplete transfer of tokens.
The trial launch was conducted with representatives from leading global and Israeli banks, including Barclays, BNP Paribas, Deutsche Bank, First International Bank, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Bank Hapoalim, Bank Discount, Bank Leumi, and Bank Mizrahi.
According to Ittai Ben Zeev, TASE CEO, the results of the Eden project play an important role in the digital transformation of capital markets. He said that the main objective of the Tel Aviv Stock Exchange is to “lead the revolution” in the financial market.
Test trials of the Eden blockchain platform began in late October 2022. Israel’s central bank disclosed the specific conditions under which CBDCs will be created and released.
