Telefonica Taps Polygon to Bring Web3 to Businesses
Telefónica Tech, Spanish telecom giant’s digital transformation arm, is teaming up with Polygon to bring Web3-based solutions to its business clients.
The partnership, announced at the Mobile World Congress in Barcelona today, will leverage Polygon’s network and tools to provide companies with a quick and easy way to integrate blockchain technology in their businesses. The collaboration will also enhance traceability, tokenization and certification capabilities of TrustOS, Telefónica Tech's managed blockchain platform.
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 non-fungible tokens (NFTs) or the storage of digital evidence and certifications based on Polygon's network.
“The goal of TrustOS is to simplify the way companies interact with blockchain networks,” said José Luis Núñez, head of the blockchain business at Telefónica Tech. “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.”
Public blockchains like Ethereum offer transparency, ease of creating open markets and interoperability, but with trade offs around scalability, performance and cost. Polygon’s suite of scaling solutions remove the compromise by allowing Telefónica Tech's clients to enjoy higher transaction volumes with predictable fees and settlement times.
"Working with top-tier global companies like Telefónica Tech is central to Polygon's mission to bring millions of people to Web3,” said Antoni Martín, enterprise lead at Polygon. “Together we will explore opportunities where Polygon's scaling solutions can add value across NFTs or the supply chain.”