The Trump administration has tapped Israeli crypto startup Orbs to
develop blockchain solutions for the region’s longstanding political
conflicts.
The disclosure comes this week from a summit convened by the White
House in Bahrain to discuss the Israeli–Palestinian conflict. The New York Times
reported Treasury Secretary Steven Mnuchin said investments in the
Palestinian territory would be like a “hot I.P.O.” The White House is
aiming to put $50 billion behind it’s so-called “Peace to Prosperity” plan.
Orbs cofounder Netta Korin told CoinDesk in an email that her team
has been “working with the U.S. Administration and the State Department …
on several projects that are currently in stealth mode.”
Korin, who is also co-founder of the nonprofit Hexa Foundation focused on social-impact blockchain projects, added:
“I was invited [to Bahrain] to show the immense potential
blockchain technology has to solve some of the problems governments are
facing in an efficient and transparent matter.”
Korin says the approach is emblematic of “a paradigm shift” in
dealing with economic aid to the Palestinian people. “Where the default
used to be donations, the future will now be based on investments,” she
told CoinDesk. “The solutions that are being sought after will be
innovative and game-changing.”
Stepping back, Korin was one of the few Israelis to join White House
advisor Jared Kushner at the Bahrain summit. American economist Kevin
Hassett even floated the idea of using blockchain technology to resolve land title disputes in the Palestinian territories, which perhaps overlook the fact such conflicts generally involve the Israeli military.
Previously, an anonymous source with knowledge of Israeli–Palestinian
diplomatic relations told CoinDesk that blockchain solutions for
tracking capital flows in the Palestinian territories have been
discussed over the past year.
In particular, the source said, a meeting last October with U.S.
Deputy Secretary of the Treasury Sigal Mandelker and several
representatives from the Bank of Israel and the Israeli Finance Ministry
explored such blockchain solutions. There were no Palestinians present
at the meeting, the anonymous source said, although the Palestinian Monetary Authority is also reportedly exploring blockchain solutions.
Meanwhile, personal ties between the Israeli crypto industry and
government bodies continue to deepen. Korin was previously an advisor to
the Israeli Ministry of Defense, General Yoav Mordechai. Plus, Korin’s
husband is Nadav Shemesh, a former aide to the Israeli Ministry of
Finance Director General Shai Babad. This is hardly unique in Israel.
For example, Prime Minister Benjamin Netanyahu’s niece and nephew, Guy
and Galia Ben-Artzi, are co-founders of the blockchain startup Bancor.
On the surface, it appears not much has changed since the meetings last fall, as the Palestinian Authority
boycotted this week’s Bahrain summit. Although Korin declined to name
any specific Palestinian partners or project plans, she said her team is
working with Palestinians “on both the design of these projects and the
implementation on the ground.”
Palestinian tech-industry leaders did not respond to CoinDesk’s
requests for comment. We will update the article if we hear back.
In conclusion, Korin added:
“Blockchain will play a major role in the region going forward.”
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