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Benefits of Telefónica Tech’s blockchain platform
Spanish telecommunications company Telefónica Tech plans to introduce a new authentication service for documents. The functionality will be supported by a legal framework.
The platform is based on the blockchain service TrustOS, which is managed by the company itself. The platform allows combining a user’s digital signature for certain content through a cryptographic hash function. At the same time, the signature itself and the content are in a blockchain, which makes it possible to save the data and determine its authenticity.
A Telefónica representative points out the relevance of this innovation for the management of contracts and various legal information. In this way, the company wants to achieve maximum security in the use of electronic document management. In addition, the introduction of the service confirms Telefónica’s activity in the direction of digital transformation.
The blockchain alternative will replace paper documentation, which, on the one hand, has a low level of security and, on the other hand, is prone to errors. In addition, it is worth considering the factor of space optimization – special conditions and space in archives must be prepared for storing numerous paper copies. And even if all of these requirements are met, documentation can be lost or damaged.
The TrustOS service has already undergone preliminary testing, with Telefónica’s legal department using the platform for internal operations. The innovation has proven to be positive – it has helped improve control over confidential information shared with partners, among other things.
The system is a great safety net option. When resolving conflicts or lawsuits related to breach of terms of personal data use, companies have an ironclad digital proof that captures all document transactions. All information can be quickly traced and the source of the problem can be found, even if the information has left the company. The risk of information leakage in this case is minimized.
But protecting confidential information is just one of a range of useful features of Telefónica’s new service. It also protects trademarks and provides a range of services for copyright management and property rights. In addition, you can use the system to perform notarial transactions and much more.
It should be noted that TrustOS is not the only platform of this kind. For example, JustChain, a service that provides notary services, is based on blockchain. The BestSign system uses the technology to determine the origin and authenticity of electronic documents.
Telefónica, a Spanish telecommunications company, is the 8th largest in the world in terms of market capitalization. Its history began in 1924, when the Spanish National Telephone Company was founded. Telefónica provides communication services to more than 325 million users in Spain, Germany, Brazil, the UK, Argentina and other countries.