Telefónica (TEF), a major global provider of telecommunication services, and Chainlink, a decentralized oracle network, are collaborating to protect against Web3-related hacking and exploitation, such as “SIM Swap” assaults.
A statement released on Thursday stated that the partnership will offer security for smart contracts that will establish connections with other Application Programmable Interfaces (APIs) on the “GSMA Open Gateway.”
The GSMA Open Gateway program, which is spearheading the global telecoms industry, has enabled the Web3 ecosystem to integrate cutting-edge Telco capabilities through the introduction of a set of standardized Telco APIs.
The GSMA Open Gateway SIM SWAP API, which will bring an extra degree of security to blockchain transactions, is being used for the first time in this application. It will be commercialized for the first time by Vivo (Telefonica Brazil).
The statement stated that this partnership is a major step in bringing Telco capabilities to the blockchain space and shows how real-world data delivery on the blockchain requires safe Oracle networks.
It also said, “This interconnected ecosystem enhances the functionality and security of Web3 applications, contributing to a more robust and verifiable digital landscape.”
With the help of this integration, data from several sources may be verified using Chainlink Functions and the GSMA’s Open Gateway SIM SWAP API.
This integration not only improves transaction security but also adds a degree of protection to blockchain transactions by guaranteeing that a device’s SIM card has not been altered without authorization by allowing smart contracts to now query the API for information.
Leveraging the GSMA Open Gateway API through Chainlink not only enhances transaction security but also minimizes risks related to two-factor authentication (2FA) and fraud detection within Web3 decentralized applications (dApps) and DeFi services.
As the Web3 ecosystem expands, Telefónica Open Gateway and Chainlink play a pivotal role in empowering developers.
Also Read: Chainlink and Protocol Labs Unite for Tech and DeFi Growth
