Wanchain, the public blockchain platform focused on interoperability, has partnered up with Rivetz, an embedded company, and Elevenpaths, the cybersecurity Unit of Telefónica. The partnership aims to provide blockchain solutions to fortify some of the most robust privacy and cybersecurity protection for consumer and enterprise mobile subscribers available today.
“Wanchain looks forward to working with these new partners to bring millions of new users to the blockchain powered future,” said Jack Lu, founder, and CEO of Wanchain. “Together with our new partners, we will integrate to enable the mass market security and privacy that every user needs to have a safe and simple experience.”
Wanchain has built a new financial market of digital assets by implementing cross-chain transfers across different blockchains. With the number of various coins, tokens, and blockchains currently in the ecosystem, there’s not now an efficient, decentralized way to exchange value between them. As an independent blockchain, Wanchain connects the accounts of independent chains to provide a framework to enable “safe and frictionless” flow of assets.
Rivetz and ElevenPaths co-developed a built-in hardware security technology called Dual Roots of Trust. The technology implements two roots of trust, which, according to their whitepaper, “can examine the device and compare the results to a known and trusted condition – that [the roots] haven’t been tampered with from what is trusted.” The partnership with Wanchain will facilitate e-commerce protections on approximately tens of millions of devices at Telefónica and billions of devices worldwide.
The two roots present in any mobile devices are Trusted Executive Environment (TEE) and the carrier SIM card. Separate entities control these two roots: the carrier and the manufacturer. The blockchain solution will provide “an extra layer of protection for private keys even if one of the systems is compromised and ensures that users remain in control of their private keys.”
The companies hope to demonstrate their technology at Mobile World Congress week in Barcelona, Spain to be held from February 25-28. CEO at ElevenPaths, Pedro Pablo Perez hopes that the partnership will develop innovative core technology to protect user’s identities, sensitive information, and digital assets.
“Wanchain provides a new model for data integrity transactions and privacy, which is an excellent complement to embedded mobile security. We look forward to delivering the foundations for provable consumer protections with every digital transaction”, said Steven Sprague, founder, and CEO of Rivetz.
Telefónica is one of the largest telecommunications companies in the world in regards to the number of subscribers. They offer excellent quality of connectivity that is delivered over world-class fixed, mobile, and broadband networks. Elevenpaths is the Cyber Security Unit of Telefónica.