Telefonica and Chainlink Alliance: Strengthening Web3 Security with Real-World Telecom Integration

2024-02-15 19:01:24

The Spanish-based telecommunications company Telefonica announced on Thursday a strategic alliance with the company Chainlink Labs, which offers web3 solutions. Through the partnership, the two companies will integrate real-world telecommunications capabilities into blockchain networks for greater security, according to the release. in a press release.

The partnership’s first use case will involve the SIM SWAP API introduced by the Global System for Mobile Communications Association Open Gateway (GMSA), a mobile network that provides application programmable interfaces to developers. Telefonica is a member of the GSMA.

The SIM SWAP API checks when the SIM card associated with the mobile number was last changed. This is used to prevent fraud for individual and bank accounts. Using Chainlink Functions, a web3 developer platform for querying data from real APIs, the SIM SWAP API allows developers to verify data from different sources.

The integration of Chainlink’s platform and the SIM SWAP API provides an “extra layer of security” for blockchain transactions, allowing smart contracts to make information requests to the API. This ensures that no unauthorized changes have been made to the SIM card, Telefonica explained in the statement.

“The onchain integration of Telefonica’s OpenGateway APIs with Chainlink Functions opens up new use cases and greater security for our industry. This ultimately better protects users and their devices.” said Johann Eid, Business Director of Chainlink Labs, in the statement.

Telefonica, which operates throughout Europe and Latin America and owns extensive telecommunications networks, has a market capitalization of 20.38 billion euros.

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