Blockchain pioneer NEM has partnered with FIX Network to combat the issue of SIM swapping.
NEM, one of the oldest peer-to-peer blockchain networks, has partnered with Israeli-Lithuanian telecom startup FIX Network to increase security and data protection for cell phone users and to solve the issue of SIM swapping.
FIX Network will implement SYMBOL from NEM’s enterprise-grade blockchain into its existing cellular infrastructure. The goal is to secure the world’s eight billion SIM cards from cybercriminals with new privacy, security, management and safety solutions.
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FIX Network’s architecture is designed to 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.
The first product will be the FIX ID app, which 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.
FIX Network has launched its own global mobile service that provides roaming agreements in 186 countries.
Nate D’Amico, CTO of NEM Foundation said that, “FIX Network takes established infrastructure — the worldwide cellular network — and uses it to create a better, fairer, and safer way to transact.”
Itamar Kunik, the CEO of FIX Network added:
“The enterprise nature of Symbol and the native features inherent in its platform are fundamental to the steady adoption and implementation of the FIX Network solution by the telecommunications industry.”