To fight fraud, Telefónica and Chainlink plan to leverage Chainlink Features, a Web3 developer resolution, to attach Telefónica’s OpenGateway APIs with the GSMA Open Gateway.
Telefónica, a world telecom large based mostly in Spain, has secured a strategic partnership with Chainlink, a decentralized oracle community, to reinforce safety and performance within the Web3 ecosystem.
In response to an official announcement on Thursday, the collaboration seeks to combine real-world telecommunications capabilities into blockchain networks, guaranteeing heightened safety for good contracts and Web3 functions.
Combating SIM Swap Assaults
One of many key targets of the partnership is to fight fraudulent actions, notably SIM SWAP assaults. These assaults contain cybercriminals deceiving a mobile service supplier into transferring a sufferer’s service to a SIM card beneath their management, successfully hijacking the sufferer’s cellphone quantity.
SIM swap assaults have been utilized by cybercriminals to siphon tens of millions of {dollars} from the crypto trade, with the US Federal Bureau of Investigation (FBI) revealing that hackers stole roughly $72 million in SIM swap assaults in 2022. To fight fraud, Telefónica and Chainlink plan to leverage Chainlink Features, a Web3 developer resolution, to attach Telefónica’s OpenGateway APIs with the GSMA Open Gateway.
The GSMA Open Gateway is an initiative by the International System for Cellular Communications Affiliation, of which Telefónica is a member. It gives APIs for builders and empowers companies to handle varied challenges inside the Web3 house, together with fraud prevention and safe account creation.
Chainlink Features permits customers to retrieve knowledge from a variety of real-world APIs, together with public, password-protected, IoT gadgets, and enterprise techniques. The platform additionally permits builders to run customized computations on the info utilizing Chainlink’s community earlier than delivering the outcomes again to good contracts.
The unification of each platforms goals to stop fraud and allow safe account administration for customers.
A Step In the direction of a Safe Web3 Ecosystem
Commenting on the partnership, Johann Eid, the Chief Enterprise Officer at Chainlink Labs, mentioned the combination of Telefónica’s OpenGateway APIs into the decentralized oracle community will open the door for heightened safety within the trade.
“Bringing Telefónica’s OpenGateway APIs on-chain with Chainlink Features unlocks novel use instances and higher safety for our trade that in the end higher defend customers and their property. We’re excited to carry Chainlink and main telecoms like Telefónica collectively to additional the imaginative and prescient of a verifiable net the place customers stay in management,” he mentioned.
Telefónica plans to introduce the SIM SWAP API in Brazil by way of its subsidiary Vivo. The API is designed to confirm any unauthorized modifications to a SIM card linked with a cellular quantity, successfully thwarting potential assaults. In response to the announcement, the transfer marks the primary software of the GSMA Open Gateway SIM Swap API.
“Telefónica is delighted to strengthen our relationship with trade chief Chainlink and to current the primary use case of the GSMA Open Gateway SIM Swap API, which positions us as a Web3 enabler and can enable us to accompany builders in the direction of the net of the longer term,” mentioned Yaiza Rubio, a senior government at Telefónica.
Each Telefónica and Chainlink can be current on the Cellular World Congress (MWC) to be held in Barcelona from twenty sixth to twenty ninth February.
