• 24 June, 2024
News

Telecoms Operator Telefónica & Chainlink Forge Alliance to Bolster Web3 Security

Telefónica, a leading telecoms operator, and Chainlink Labs, a blockchain oracle provider, have joined forces to enhance the security and reliability of Web3 applications. This strategic partnership wants to benefit from Chainlink’s Functions which is a serverless Web3 developer platform to securely connect any API on GSMA Open Gateway to Polygon’s PoS blockchain network.

Reportedly, the collaboration is to address a critical challenge in Web3 World, which is of connecting blockchain-based smart contracts with real-world data securely and reliably. Oracles play a vital role in this process, bridging the gap between on-chain and off-chain information. Through this partnership, Telefónica Open Gateway and Chainlink Functions offer developers standardized Telco APIs and a secure, decentralized platform to build more verifiable and genuine Web3 applications.

As per the announcement, the first integration involves the GSMA Open Gateway SIM SWAP API, initially introduced in Brazil by Vivo (Telefónica Brazil). This API, now powered by Chainlink Functions, enables smart contracts to verify changes to device SIM cards, preventing unauthorized SIM swaps and securing sensitive data. Notably, it enhances not only ransaction security but also strengthens two-factor authentication and fraud detection in Web3 dApps and DeFi services.

Johann Eid, Chief Business Officer at Chainlink Labs said,

Our collaboration with Telefónica extends the ways Chainlink secures the blockchain ecosystem. Bringing Telefónica’s OpenGateway APIs on-chain unlocks novel use cases and greater security for our industry, ultimately protecting users and their assets.

Recently, Protocol Labs and Chainlink Labs forged a strategic alliance to boost the growth and support of tech startups. This collaboration aimed to provide Chainlink BUILD members with access to a range of developer tools, services, and support, including decentralized storage credits and engineering assistance. Yaiza Rubio, Chief Metaverse Officer at Telefónica, echoed this sentiment, stating, “This partnership positions us as a Web3 enabler, allowing us to accompany developers towards the web of the future.”

As per reports, Telefónica and Chainlink plan to develop and launch new APIs, taking a step towards commitment to a secure and reliable Web3 industry. This collaboration marks a significant step towards integrating telecommunications capabilities into the blockchain industry and demonstrates the growing importance of secure oracle networks in bridging the gap between the digital and physical worlds.

As the Mobile World Congress (MWC) approaches, Telefónica is prepared to present its strategic Metaverse roadmap, emphasizing security and identity as core tenets. This further underscores the company’s commitment to a secure and user-centric Web3 future.

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