Telecommunication Giant Partners with Chainlink for Blockchain Security
Telefonica, a Spain-based telecommunications company, has recently forged a strategic partnership with Chainlink Labs, a Web3 solution provider, as per an official announcement made on Thursday.
The collaboration aims to fuse real-world telecommunications functionalities with blockchain networks, enhancing overall security measures.
In this venture, the initial focus will revolve around the integration of the SIM SWAP API, an initiative introduced by the Global System for Mobile Communications Association Open Gateway. This mobile network offers Application Programmable Interfaces tailored for developers, with Telefonica being a proud member of GSMA.
The SIM SWAP API serves to verify the last modification time of a SIM card linked to a mobile number, primarily employed for preventing fraudulent activities in personal and banking realms. Leveraging Chainlink Functions, a web3 developer platform facilitating data retrieval from real-world APIs, developers will gain the capability to authenticate data from diverse sources.
By amalgamating Chainlink’s platform with the SIM SWAP API, an additional layer of security will be introduced to blockchain transactions.
READ MORE: FTX Liquidation Amid Market Surge: How Will the Outflows Affect the Rally?
This integration will empower smart contracts to solicit information from the API, effectively safeguarding against unauthorized alterations to SIM cards, as articulated by Telefonica in the release.
Telefonica, boasting a telecommunications network spanning across Europe and Latin America, commands a market capitalization of $21.8 billion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
