Telefónica Tech today announces it has partnered with Polygon, one of the most relevant public Blockchain ecosystems, to use its network and tools to develop Web3 solutions. This alliance will allow TrustOS, Telefónica Tech’s managed blockchain platform, to enhance its traceability, tokenization and certification capabilities with the aim of providing companies with a quick and easy integration of blockchain in their business.
This alliance, which Telefónica Tech announced through holographic telepresence at the “Blockchain on the streets” session that took place in the Agora of the Telefónica stand at the Mobile World Congress (MWC), represents a further step in Telefónica Tech’s strategic positioning with the use of Blockchain technology in public networks. Until now, Telefónica Tech has offered any company, regardless of its size and technological knowledge, solutions based on hybrid technologies to take advantage of both the benefits of private networks (scalability, performance, privacy, support, etc.) and public networks (transparency, ease of creating open markets, interoperability, etc.).
Public blockchain networks allow anyone to validate transactions and guarantee that the information has not been altered. They use cryptography to secure the content, guaranteeing that the information is immutable and accessible to all participants, but they also suffer from problems of scalability, performance and cost.
Polygon’s solutions address these limitations of Ethereum, the leading public blockchain network, which often precludes its use in enterprise business cases. By leveraging Polygon’s scaling solutions, Telefónica Tech’s clients will be able to facilitate higher transaction volumes with predictable costs and settlement times.
Polygon achieves this via its array of scaling solutions, including Polygon PoS, Polygon SDK, Polygon Avail, Polygon Nightfall – co-developed with EY, and Polygon Hermez, allowing for the simple deployment of smart contracts in a reliable and secure network.
Thanks to this collaboration, Telefónica Tech will provide its customers with a reliable environment so that solutions developed on TrustOS can easily and reliably record information on a new public network. In addition, a new functional module will be added to the TrustOS value proposition for companies, allowing them to create business models based on NFTs (non-fungible tokens) or the storage of digital evidence and certifications based on Blockchain in Polygon’s public network.
Antoni Martín, Enterprise Lead at Polygon, said: “Working with top-tier global companies like Telefónica Tech is central to Polygon’s mission to bring millions of people to Web3. Together we will explore opportunities where Polygon’s scaling solutions can add value across NFTs or the supply chain.”
José Luis Núñez, head of the Blockchain business at Telefónica Tech, said: “The goal of TrustOS is to simplify the way companies interact with Blockchain networks. The inclusion of the new module in TrustOS will allow us to satisfy the need for organisations to issue NFTs without having to understand the complexity of this technology using one of the most promising and growing public blockchain networks, such as Polygon”.
For more information: Telefónica at MWC 2022