The Madrid-based telephone company Telefonica has teamed up with the tech startup Rivetz to design “smartphone security solutions” for transactions using blockchain technology.
The announcement was made on Thursday, 10th May 2018. The project aims to introduce Rivetz’s blockchain tech into the messaging system of Telefonica. The objective is to find, test and provide new solutions for transaction security. The project will focus mainly on improving the smartphone apps and crypto wallets.
Towards the end, the Spanish company announced it wants to “provide cybersecurity controls and protection to hold multiple cryptocurrencies, assuring the digital assets and processes are protected within a device’s hardware.”
“Trusted computing technologies are not an end by themselves,” explained Sergio de los Santos, head of the Discovery and Innovation Lab at Telefonica. However, they “are an opportunity to improve mobile users’ security, providing a research and innovation framework in the context of cybersecurity.”
Additionally, the two partners plan to find new solutions to provide automated backups in critical cases such as identity theft, to quickly recover personal information and securing them.
“Blockchain access and secure messaging are core building blocks to automating the user experience when it comes to digital services,” claimed Steven Sprague, CEO of Rivetz.
The partnership between Telefonica and Rivetz is yet another demonstration of the growing number of promising projects based on blockchain protocol. The two partners will unite their technologies and ideas to launch a new version of blockchain apps. It’s estimated that the final product will be ready in June 2018.
None of the two companies is foreign to the blockchain sector. Telefonica is involved in the tech trial offered by Colt Technology Services and PCCW Global, while Rivetz has been in this industry since 2014.