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Spanish Telecom Giant Telefonica Partners With Chainlink To Utilize Web3 Technology For Fraud Prevention In SIM Cards
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Spanish Telecom Giant Telefonica Partners With Chainlink To Utilize Web3 Technology For Fraud Prevention In SIM Cards

Spain-based telecommunications company Telefonica has announced a strategic alliance with Web3 solution provider Chainlink Labs on Thursday to enhance fraud prevention in SIM cards.

With the partnership, the two firms will integrate real-world telecommunications capabilities into blockchain networks for improved security against fraud in SIM cards, according to a press release.

The first use case in the partnership will involve the SIM SWAP API, introduced by the Global System for Mobile Communications Association Open Gateway — a mobile network that provides Application Programmable Interfaces for developers. Telefonica is a member of GSMA.

SIM SWAP API checks the last time a SIM card associated with a mobile number has been modified, which is utilized for fraud prevention in individual and banking accounts.

See Also: OpenAI And Microsoft Join Forces To Prevent Cyberattacks From Malicious Actors

Through Chainlink Functions, a web3 developer platform for retrieving data from real-world APIs, the SIM SWAP API will enable developers to verify data from various sources. 

The integration of Chainlink’s platform and the SIM SWAP API will offer “an extra layer of security” to blockchain transactions, enabling smart contracts to make information requests to the API. This will help ensure that there have been no unauthorized changes to a SIM card, Telefonica explained in the release.

“Bringing Telefonica’s OpenGateway APIs onchain with Chainlink Functions unlocks novel use cases and greater security for our industry that ultimately better protect users and their assets,” Chainlink Labs’ Chief Business Officer Johann Eid said in the release.

Telefonica, which owns a telecommunications network across Europe and Latin America, has a market capitalization of 20.38 billion euros ($21.8 billion).

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