Telefonica and Chainlink Team Up for Web3 Security

Telefonica and Chainlink Team Up for Web3 Security

Telefonica, a prominent European telecommunications giant, has established a partnership with Chainlink, a decentralized oracle service, to bolster security measures in Web3 environments.

This collaboration enables smart contracts operating on the Polygon network to access data from telecom carriers’ SIM cards, thereby enhancing the detection of potential SIM swap incidents commonly associated with hacking endeavors.

By leveraging Chainlink Functions, this partnership aims to facilitate seamless connectivity between telecom operations and Web3 applications. The integration will incorporate Telefonica’s implementation of the standardized GSM Association (GSMA) Open Gateway SIM Swap API, which tracks the most recent SIM card modification associated with a mobile number.

This initiative holds the promise of mitigating fraud across various scenarios by applying tailored security protocols without introducing additional hurdles for end users. Use cases for this API include enhancing two-factor authentication processes, fortifying defenses against identity theft, and streamlining transaction automation for financial institutions.

Empowering Blockchain Security in Web3 Environments

The implementation will be spearheaded by Vivo, the leading telecommunications provider in Brazil and a subsidiary of Telefonica in the South American region. Johann Eid, Chief Business Officer at Chainlink Labs, emphasized that integrating Telefonica’s API functionalities with blockchain technology “unlocks new potentials and elevates security standards within our industry, ultimately safeguarding users and their assets.”

Yaiza Rubio, Chief Metaverse Officer at Telefonica, underscored that debuting blockchain-based implementations of their APIs underscores the company’s role as “facilitators of Web3,” empowering them to “guide developers towards the next-generation web.”

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