Eleven Paths, a subsidiary of Telefónica, has tapped Wanchain in an effort to build a secure blockchain platform for the mobile generation. Rivetz is a security company which works extensively in the blockchain space and also plays an important role in the new effort. Wanchain is an Ethereum fork which specializes in cross-chain compatibility.
With Wanchain, users can hold both Bitcoin and Ethereum. In an exclusive talk with Wanchain’s Dan Reecer, CCN learned that its interchain operability is what sets Wanchain apart in the eyes of the communications giant Telefonica’s cybersecurity division.
At a minimum, the companies intend to leverage blockchain security and deliver a frictionless experience to existing Telefónica subscribers.
On the one hand, a wallet solution for both traditional and crypto assets seems obvious – in the same vein as Apple or Android Pay. The phone is nearly as ubiquitous as cash and cards these days. Blockchain solutions can be far more secure than traditional near-field communications options. At the same time, CCN was told that Wanchain envisions other use-cases for this integration, such as transferable rewards programs and non-fungible token support. (Think digital forms of identification.)
Rivetz has pioneered a concept called “dual roots-of-trust.” A draft press release made available to CCN describes the technology in the following terms:
With Dual Roots of Trust, a user’s private key is cryptographically distributed between two independent roots of trust: The Trusted Execution Environment (TEE) and the carrier subscriber identity module (SIM).
Telefónica intends to use Wanchain as its base platform. Ethereum developers will find the environment familiar, as Wanchain retains the all-important Virtual Machine. Existing dApps and smart contracts can be ported, and some have.
A Massive Network of Demand
The name Telefónica may not mean much to our American audience, but it’s a globally massive brand. They are the 123rd largest company in the world according to Forbes and claims a massive user base of over 250 million subscribers. Primarily focused on mobile and telecommunications, they also compete in some markets as an ISP.
Reecer explains to CCN that the most likely use of Wanchain will be in the background. Subscribers will utilize blockchain products as part of their regular service, without knowing it. Development takes time. All the usual market testing and regulatory Olympics that major companies face in every move play into this.
Presentation in February
The 2019 Mobile World Congress in Barcelona will feature a demonstration and further explanations from the three companies in February. Secure blockchain phones are beginning to penetrate the market. Major firms like HTC have developed serious options.
However, a carrier-based solution will have a much wider-reaching effect for blockchain adoption as a whole. The Internet is ubiquitous today and most people have no clue how it works. Many believe blockchain adoption will follow a similar path.
Wanchain founder Jack Lu couldn’t be more excited about the new partnership. In an exclusive statement to CCN, he says:
Mobile phones are essential for blockchain to be adopted globally. We are thrilled to announce this technical implementation to get digital assets and blockchain technology to the masses. We look forward to showing our first prototype and discussing with attendees at Mobile World Congress in February.
The Barcelona event will be held February 25th through the 28th of this year.