Telefonica, one of the world’s largest telecom companies, has partnered with Chainlink, a decentralized oracle provider, to improve security in Web3 environments. Through the use of Chainlink functions and Telefonica’s SIM Swap API implementation, Polygon apps would be able to check if the SIM of a mobile phone has changed in a given period.
Telefonica, one of the world’s largest telecom companies, has partnered with Chainlink, a decentralized oracle provider, to improve security in Web3 environments. Through the use of Chainlink functions and Telefonica’s SIM Swap API implementation, Polygon apps would be able to check if the SIM of a mobile phone has changed in a given period.
Telefonica, one of the main European telecom carriers, has partnered with Chainlink, a decentralized oracle provider, to increase security in Web3 environments. The alliance will allow smart contracts on the Polygon network to access info from a carrier’s SIM card to improve handling possible SIM swap events commonly associated with hacking attempts.
Through the use of a new feature called Chainlink Functions, the alliance will open the possibility for this connection between carrier functions and Web3 applications, seeking to include Telefonica’s implementation of the standardized GSM Association (GSMA) Open Gateway SIM Swap API, which checks the last time that the SIM card associated with a mobile number has changed.
This might help prevent fraud in several instances by applying security policies depending on the application, with the benefit of not increasing the friction for the end user. Improving 2FA processes, protecting against identity theft, and aiding in automatizing transactions for financial institutions are among the use cases promoted for this API.
The feature will be implemented by Vivo, Brazil’s top carrier and a subsidiary of Telefonica in the South American country. Johann Eid, CBO at Chainlink Labs, stated that taking Telefonica’s API functions to the blockchain “opens up new use cases and greater security for our industry that ultimately better protects users and their assets.”
Yaiza Rubio, Chief Metaverse Officer at Telefonica, declared that debuting the blockchain implementation of their APIs positioned the company as “enablers of Web3,” letting them “accompany developers towards the web of the future.”
What do you think about the partnership between Telefonica and Chainlink to improve Web3 security and detect and handle SIM swap events? Tell us in the comments section below.
