Spanish Telecoms Giant Telefonica to Partner with Blockchain startup Rivetz to Develop Smartphone Security Solutions
Spanish telecoms titan Telefonica has partnered with security organization startup Rivetz on creating smartphone security results for blockchain-based transactions and messaging, the organizations announced on Thursday.
The partners will consolidate Telefonica’s network security with Rivetz’s blockchain and trusted-computing innovations to investigate decentralized solutions for security and data controls. The work will mainly be involved in moving forward applications for secure messaging and cryptocurrency wallets.
Sergio de Los Santos said:
The organizations said they proposed to their end product “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,” said Sergio de Los Santos, leader of the Discovery and Innovation Lab at Telefonica’s cybersecurity arm, ElevenPaths. Instead, they are an opportunity to improve mobile users’ security, providing a research and innovation framework in the context of cybersecurity.”
The organizations also proposed to analyze better approaches to mechanize the backup and recovery of user identity data by leveraging existing mobile hardware security.
Rivetz president Steven Sprague said:
“Blockchain access and secure messaging are core building blocks to automating the user experience when it comes to digital services.”
Rivetz and Telefonica cited the developing body of activities identified to blockchain and the internet of things (IoT) as the impetus for the community, noting that Rivetz’s technology has been in beta since January of this year. The partners to blend their “enhanced” rendition of the tech with Rivetz’s present app developer and plan to allow the product to chosen partners by June.
Not Rivetz or Telefonica is new to the blockchain space. This week Telefonica declared that it had joined a blockchain settlement trial for the telecoms industry headed by Colt Technology Services and PCCW Global. Rivetz has been included in the business since 2014 when it primary formed cybersecurity protection for bitcoin wallets.