Chainlink and Telefónica Enhance Web3 Application Security

The Spanish telecommunications company Telefónica announced a strategic alliance with Chainlink Labs aimed at enhancing the security of the Web3 ecosystem.

The partners will integrate Chainlink blockchain oracles with the API from GSMA Open Gateway. This global telecommunications industry initiative offers a set of standardized software interfaces for developers. 

“In Web3, oracles play a crucial role by connecting blockchain-based smart contracts with real-world data, providing the reliability and accuracy needed for automated decision-making,” the press release states.

The first collaboration will involve the Brazilian mobile operator Vivo (Telefónica Brazil) using Chainlink’s capabilities for the SIM SWAP API. This solution checks when a SIM card was last changed to prevent unauthorized manipulations and fraud.

The integration of blockchain platform options is expected to allow the API to access data from various sources, providing an additional layer of security for transactions through direct smart contract requests and robust two-factor authentication.     

“Incorporating Telefónica’s OpenGateway interfaces with Chainlink’s features opens new use cases and enhances security for our industry, ultimately better protecting users and their assets,” noted Johann Eid, Director of Business Development at Chainlink Labs.

Since 2022, Telefónica has accepted cryptocurrency payments in its online store.