Telefonica Announces Partnership with Chainlink. ⛓️🤝📱
Telefonica, a leading Spanish Telco company, has recently joined forces with Chainlink to bolster the security of web3 smart contracts, with a particular focus on the GSMA Open Gateway API.
The partnership aims to enhance the security of telecommunications networks by connecting any API to Polygon's network, ensuring a more robust and verifiable digital landscape.
The collaboration signifies a pivotal step in integrating Telco capabilities into the blockchain industry, emphasizing the importance of secure oracle networks for delivering real-world data on-chain.
As the telecom world increasingly integrates GSMA for developing tools and deploying services across networks, the need for enhanced security becomes paramount.
Telefonica stands to benefit from Chainlink's Sim Swap APIs, providing a reliable means to check and confirm the last time a mobile number was used in fraud cases, ultimately protecting user accounts.
Chainlink's oracles play a crucial role in connecting blockchain data to real-world data, facilitating fully automated decisions. This functionality is leveraged by telcos to prevent fraud and secure accounts.
The partnership addresses 2FA issues in Web3 and decentralized finance (DeFi) ecosystems, enhancing security measures at all stages of data verification.
The collaboration is expected to empower developers within the Web3 ecosystem as it expands, fostering asset adoption and improving the overall verification systems with new connectivity platforms.
Security is emphasized as a key focus for the entire ecosystem, aiming to reduce regulatory bottlenecks and encourage more traditional finance firms to enter the blockchain scene.
By addressing security concerns and leveraging Chainlink's capabilities, Telefonica and Chainlink aim to contribute to a safer and more reliable Web3 environment, fostering growth and adoption in the blockchain space.
