Intel opens blockchain development lab in Israel

Tech giant Intel has opened a development lab in Tel Aviv, Israel, dedicated to researching financial technologies like blockchain.

According to the Jerusalem Post, Intel is working with Israeli financial technology organization The Floor, which is based at the Tel Aviv Stock Exchange and received $2 million in funding from Chinese venture capital firm Pando Group earlier this year.

Intel's lab will also focus on other technologies, including Internet of Things (IoT) connected devices, cloud computing and biometric applications.

Sharon Puterman-Zafrir, IoT manager at Intel Israel, said in a statement:

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

Intel has conducted several internal projects targeting blockchain applications, which has been demonstrated through its industry collaborations.

In May of this year, Intel was reported to be developing mining chips specifically for 21Inc.

Earlier this year, Intel revealed that it had collaborated with the open source Hyperledger project on an internal blockchain test that simulated a fantasy sports market in which players could trade virtual team stocks. In April, Intel unveiled its actual contribution to the Hyperledger project, a distributed ledger platform called Sawtooth Lake.