Telefonica (TEF) Arm Leverages Blockchain for Data Certification Telefonica's (TEF) subsidiary unveils first-of-its-kind blockchain-based certification service to ensure the authenticity of confidential information...
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Telefonica, S.A.'s TEF digital business unit, Telefonica Tech, recently unveiled a next-generation offering that will enable companies to validate confidential data related to projects, transactions or digital content with legal support. This certification service is built on Telefonica's TrustOS-managed blockchain platform. It has been designed to simplify the connection between business processes and blockchain network.
Blockchain is a type of database that stores valuable data in blocks that are connected in a chained form in sequential order for secure communications. At a time when organizations are devising ways to preserve the authenticity of crucial information, the latest move comes as a major boon. It will be beneficial in streamlining day-to-day operations with an added layer of security, thereby tackling the growing incidences of information leaks and confidentiality breaches in this digital era.
Telefonica's TrustOS platform unleashes the full potential of blockchain in its business while delivering a flexible solution in the form of an application programming interface to access several platforms. It aids enterprises by making their businesses reliable and secure, and avoids high costs and time for greater operational efficiencies. Companies rely on this solution to eradicate technical woes to connect to blockchain services with utmost transparency.
Certificates generated through the TrustOS-managed blockchain solution integrate user's digital signature with the content to be certified, along with the time stamp inherent in blockchain to ensure maximum accuracy. Telefonica's legal department has commenced a pilot project to demonstrate the feasibility of this innovative technology by recording digital evidence in relation to the sensitive data exchanged with partners in different projects.
The avant-garde offering launched by Telefonica Tech can also be leveraged by several other key sectors, thanks to a plethora of use cases. Some of the sectors include media, insurance, agriculture, training and industrial property. The launch is touted as Telefonica's debut move in providing a blockchain-based certification service.
Telefonica Tech is responsible for managing cyber security, artificial intelligence, cloud, IoT and Big Data businesses with the utmost efficacy. The segment manages these businesses under a single umbrella to not only accelerate revenue generation, but to also facilitate the entry of new partners for lucrative business opportunities. The unit is expected to yield additional revenues of more than €2,000 million in 2022.
Telefonica provides a comprehensive suite of service platforms for fast go-to-market launches. Its IoT connectivity platform has been designed to address dynamic business requirements and enable a cost-effective solution to improve business productivity. With operations across 17 countries, the Spanish telecom company is capitalizing on the opportunities in the digital world through several growth strategies to enhance long-term prospects, while experiencing healthy traction in the smartphone market.
Zacks Rank & Stocks to Consider
Telefonica has a Zacks Rank #3 (Hold). Its shares have gained 27.3% compared with the industry's growth of 13.3% in the past year.
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Some better-ranked stocks in the broader industry are Otter Tail Corporation OTTR, California Water Service Group CWT and American States Water Company AWR. While Otter Tail sports a Zacks Rank #1 (Strong Buy), California Water Service and American States Water carry a Zacks Rank #2 (Buy). the complete list of today's Zacks #1 Rank stocks here.
Otter Tail pulled off a trailing four-quarter earnings surprise of 31.8%, on average.
California Water Service pulled off a trailing four-quarter earnings surprise of 15.4%, on average.
American States Water pulled off a trailing four-quarter earnings surprise of 4.4%, on average.
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