Telefónica announced that it has partnered with Chainlink. The objective of the partnership is to drive strength in Web3 security. They will leverage the potential of the GSMA Open Gateway. This marks the first-ever use case for the GSMA Open Gateway SIM Swap API. Also, Telefónica Brazil became the first ever operator to commercialize the project.
In their release, Telefónica hailed this integration as a major milestone, emphasising how urgent it is to include Telco capabilities into the blockchain business. A stronger and more verifiable digital landscape is possible through the integration of both ecosystems.
The cooperation with Chainlink was chosen by Telefónica because of the industry-leading Oracle services that it delivers. Up until now, they’ve been instrumental in bridging the gap between blockchain-based smart contracts and actual public data. Their efficiency is evident from the fact that Oracle services have earned the tag of being reliable and accurate most of the time. Most importantly, partners can keep themselves updated with relevant information.
The partnership between Telefónica and Chainlink serves two different purposes: enhancing security and empowering Web3 developers.
For starters, it takes the GSMA Open Gateway SIM Swap API a step forward in the right direction. The idea is to enhance security by addressing key segments like 2-factor authentication and fraud detection. These pertain to DeFi services and Web3 dApps. Together, they aim to elevate smart contract security and enable the verification of data from different sources.
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That helps to enhance security and implement an extra layer of security for blockchain transactions. The SIM of a device stays protected and is open for checks related to unauthorized changes. Risk is mitigated by taking into consideration the capabilities of the GSMA Open Gateway API through Chainlink.
Then, to improve the Web3 ecosystem, Chainlink and Telefónica Open Gateway use Chainlink Functions in conjunction with standardised Telco APIs. It accomplishes this by bolstering connection and implementing novel intelligent authentication layers.
Chainlink Functions serve a key role here, for they fetch data from real-world APIs and deliver results to smart contracts.
Chainlink Labs’ Chief Business Officer Johann Eid stated that the industry’s foundation for blockchain ecosystem security is being expanded through their collaboration with Telefónica. Johann further stated that the association enables them to unlock novel use cases and security for the industry, thereby supporting the industry by offering a supportive cushion to users and their assets.
Yaiza Rubio, the Chief Metaverse Officer at Telefónica, said that the partnership will enable them to accompany developers to the future of the web. Yaiza said this after acknowledging that they are introducing the first use case of the GSMA Open Gateway SIM SWAP API.
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Moving forward, Telefónica and Chainlink will take over the panel at the MWC (Mobile World Congress) in Barcelona. The event will begin on February 26, 2024, and end on February 29, 2024.
