This company has already worked in the past to develop blockchain solutions for communications problems and administrative process management.
As part of an attempt to improve digital services, the Spanish company Telefónica is in the process to adapt and update its platforms. It hopes to include blockchain technology in its services. In this way, it was announced that the Board of Directors of the telecommunications multinational has decided to make a substantial investment contribution with the startup company Clear Blockchain Technologies.
According to unveiled information, the company’s subsidiary group, Telefónica Innovation Ventures, was present during a round of financing for the company specialized in Israeli blockchain technology, Clear Blockchain Technologies.
The investment round managed to raise the sum of 13 million dollars, where other companies such as HKT, Telekom Innovation Pool of Deutsche Telekom, FinTech Strategic Investments, and Singtel Innov, provided financial support for the creation of technological solutions for companies and administrations of big size.
The Israeli company has previously collaborated with the Telefónica Company as local media say. Clear has been dedicated to creating solutions to measure the reach of blockchain technology. It is also specialized in generating methods that solve treaties and businesses using blockchain technology.
The tool of greater demand of the Israeli company is focused on automating the contracts of the companies, as well as managing the information between companies that maintain alliances and agreements. It also offers the service to process payments automatically. This service could help reduce the real costs of commissions to financial institutions and avoid fraud and embezzlement.
The services offered by Clear could have been Telefónica’s greatest interest in investing in this technology, especially if it is taken into account that business between companies manages to have a volume of more than 150 billion dollars a year internationally. Hence, it would be summed up to a profit for the bank for the management of these operations, generating 140 billion dollars for the sector.
Telefónica among Blockchain Drivers
Over the years, the group that manages the Board of Directors of the multinational Telefónica has expressed that blockchain technology is “very relevant”. They are motivated to explore and apply their solutions to the financial and administrative operations they perform, as well as the services they offer.
In a statement about the company’s position regarding the blockchain technology, they say they generate enough confidence to delegate their main operations.
“Blockchain adds a layer of confidence about operations: the recorded data remains immutable and allows consensus on the data stored between the parties involved in the transactions”.
This summarizes the constant work that the telecommunications company has done to help the development of this technology. The company is currently building an establishment plan for 8,000 companies based on blockchain technology. Just as it has managed to partner with projects such as Hyperledger to promote the creation of tools that help the sector.
Telefónica has embarked on betting on multiple tools and projects linked to the use of blockchain and other new technologies, achieving to be considered as the telecommunications company that has been most involved in the new technological sector, something that would be very positive to boost the adoption of blockchain technology in the market.
By María Rodríguez