Telecom startup FIX Network to use NEM blockchain to combat SIM swapping

Telecom startup FIX Network to use NEM's blockchain to combat SIM swapping

The NEM Foundation, supporters of the NEM blockchain platform, today has announced a new partnership with FIX Network, an Israeli-Lithuanian-based telecommunications startup seeking to solve the issue of SIM swapping through decentralization.

Leveraging existing cellular infrastructure; the FIX Network will implement a blockchain-based security protocol utilizing SYMBOL from NEM to support new privacy, security, management, and safety solutions.

Its architecture will allow mobile operators to deliver services such as digital identity management, cryptocurrency wallets, and personal data firewalls to mobile subscribers, enabled by the safekeeping of private keys on the subscribers’ SIM cards.

Itamar Kunik, the CEO of FIX Network:
“The enterprise nature of Symbol and the native features inherent in its platform; such as the interoperability between private and public blockchain networks and advanced account systems; are fundamental to the steady adoption and implementation of the FIX Network solution by the telecommunications industry.”

The security company has launched its own global mobile service operator that provides roaming agreements in 186 countries. Ultimately, the goal of FIX Network is to make secure and private mobile technology available globally to the subscribers of all network operators.

Nate D’Amico, CTO of NEM Foundation:
“FIX Network takes established infrastructure – the worldwide cellular network – and uses it to create a better, fairer, and safer way to transact. We’re proud to partner with FIX as they seek to ensure the security of our digital lives.”

FIX Network’s first product will be the FIX ID app. The app securely identifies participants through subscriber-owned global phone numbers; that serve as unique Digital Identities. The initial consignment of 10,000 FIX Secure ID SIMs, pre-ordered in June 2019; is expected to ship by the end of April this year.

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