Telefonica & Rivetz To Build Blockchain Based Mobile Security Solutions
Telefónica, one of the largest telecommunication companies in the world, and Rivetz Corp., a cybersecurity company, has announced an agreement to jointly develop advanced mobile security protocols for blockchain transactions and messaging. The solution expects to leverage dual encryption, supporting both the Trusted Execution Environment embedded by multiple device manufacturers and the advanced encryption on SIMs deployed by Telefónica.
Under the agreement, both parties will jointly explore a way to deliver a new, decentralized model for enhanced security and data controls, improving consumer applications that include secure messaging and cryptocurrency wallets. Rivetz and Telefónica will try to create new business models that will simplify and automate backup and recovery and existing user identity information by enabling millions of endpoints to tap into already existing – but unused – mobile hardware security.
The global rise of blockchain projects and IoT requires a decentralized cybersecurity model, and this collaboration will combine Telefónica’s advanced network security services through its cybersecurity unit, ElevenPaths, with Rivetz’s trusted computing and blockchain-based solutions to provide state-of-the-art cybersecurity protections. The partners will leverage isolated roots of trust in the hardware and in the SIM to enable split-key encryption and offer state-of-the-art protection of consumer assets and data.
The solution is expected to use both blockchain and trusted computing technology to provide cybersecurity controls and protection to hold multiple cryptocurrencies, assuring the digital assets and processes are protected within a device’s hardware. Rivetz and Telefónica aim to accelerate existing efforts in privacy, data compliance and security, facilitating the revolution in information integrity and assurance driven by enhancing the quality of transactions.
The Rivetz technology has been in an active beta test since January 2018, providing a strong foundation for the enhancement of security achieved by the integration of the SIM-protected key management. The enhanced solution will be integrated into Rivetz’s existing application developer solution, which will be available to select partners later this quarter. Application providers will be able to easily integrate this solution, thus increasing data security, transactional quality and value of services delivered to users through their devices. This system will leverage the RvT token to enable provable controls on the blockchain for next-generation data compliance.
Sergio de los Santos, head of the Discovery and Innovation Lab at Telefónica – ElevenPaths, said
“Trusted computing technologies are not an end by themselves, but are an opportunity to improve mobile users’ security, providing a research and innovation framework in the context of cybersecurity.”
Steven Sprague, CEO of Rivetz
“Blockchain access and secure messaging are core building blocks to automating the user experience when it comes to digital services. We’re honored to partner with Telefónica to explore how to fully leverage the embedded cybersecurity technologies of mobile to deliver next-generation data services and business models to enhance the quality of subscriber relationships.”
Telefónica has a significant presence in 21 countries and over 322 million accesses around the world. The company has a strong presence in Spain, Europe and Latin America, where the company focuses an important part of its growth strategy. Telefónica is a 100% listed company, with its stock being traded on the stock market in Spain, London, New York, Lima and Buenos Aires.
Rivetz is focused on solving problems associated with consumer and machine-to-machine digital transactions. Rivetz technology and services aim to provide a safer and easier-to-use model for all users to protect their digital assets using hardware-based trusted execution technology. The device aims to play a critical role in automating security and enabling the controls that users need to benefit from modern services. Rivetz leverages state-of-the-art cybersecurity tools to develop a modern model for users and their devices to interact with services on the Internet.