U.S. tech giant Microsoft Corporation will establish a blockchain academy in Israel, the Hebrew newspaper Yedioth Ahronoth reported Wednesday.

The new academy will be set up by the Microsoft branch in Israel in cooperation with an Israeli Blockchain organization.

The new academy is geared to high-tech developers and technology managers who want to learn about the field in depth.

The program will include 12 sessions spanning three months, including lectures and lessons by leading mentors and lecturers.

According to Microsoft, courses will be provided gratis every three months for 100 participants. The first three-month courses will start in October at Microsoft's start-up and innovation center in the coastal city of Tel Aviv.

Blockchain is a digital ledger system that uses sophisticated cryptographic techniques to create a permanent, unchangeable and transparent record of exchanges to trace each transaction.