Telefonica launches blockchain document certification service – Ledger Insights
Yesterday, the Spanish telecommunications company Telefonica announced the launch of a blockchain-based certification service through its own TrustOS platform.
The service targets businesses and allows them to authenticate documents, transactions or digital content by generating digital proof of authorship as well as that the item has not been altered.
In general, the management of paper documents poses a number of problems. First, they are susceptible to tampering and carry the risk of being lost or damaged. Verifying paper documents is also often time consuming since the document issuer can only do it manually.
Telefonica aims to combat this through a blockchain service that combines the user’s digital signature with the digital fingerprint or hash of the document and a time stamp.
Internally, Telefónica’s legal department uses the solution. This includes using the blockchain to keep a log of emails in the event of a dispute, although the content is not visible on the blockchain.
“The incorporation of innovative technologies such as blockchain in contract management and legal documentation, in general, is a key step for the secure digital transformation of businesses,” said Luis Prendes, Global Head of Legal Affairs at Telefónica .
However, it is considering many other applications for customers, such as certificates of attendance at training courses, proving the authenticity of limited edition products and recording evidence for insurance claims.
In terms of technology, TrustOS is blockchain agnostic. Hence, it is integrated with several flavors of blockchain.
Telefónica has been active in the blockchain industry in two ways. One promotes its TrustOS solution and cloud hosting for the blockchain. To this end, in February this year, it partnered with the Spanish consortium Alastria to host a corporate blockchain network based on Hyperledger Fabric. Alastria has already supported two flavors of the Ethereum blockchain.
Telefónica’s second area of activity is the use of blockchain by telecommunications companies for roaming agreements and payments.
Meanwhile, this week the Indian state of Maharashtra announced a new blockchain application for document authentication, focusing on issuing educative certificates.