Chainlink And Telefonica Shall Utilize GSMA Gateway To Improve Web3 Security

Spanish telecommunications firm Telefonica has announced a collaboration with Chainlink to establish secure connections for Web3 smart contracts. In a recent announcement, the company emphasized plans centered around GSMA Open Gateway API security, with blockchain technology taking precedence. As per the announcement, this partnership aims to ensure the security of telecommunications networks for linking any API to the Polygon network.

A Major Partnership

The partnership highlights a significant advancement in incorporating telecommunications capabilities into the blockchain sector and underscores the necessity for secure oracle networks to furnish real-world data on-chain. This interconnected environment enhances the functionality and security of Web3 applications, contributing to a more resilient and verifiable digital landscape.

Consequently, with the telecommunications industry progressing towards increased GSMA integration to enhance developer tools for deploying services across various networks, security emerges as a top priority. Amid the era of digital transformation, the Web3 ecosystem has witnessed notable changes in recent months, with efficiency and security emerging as crucial advancements.

Addressing Key Issues

Telefonica highlighted Sim Swap APIs as a significant advantage of the partnership, especially as developers rely on APIs to offer a wide array of services. The Sim Swap APIs verify and validate the last instance a mobile number was used in fraudulent activities, thereby aiding in account protection.

Both companies working together will therefore enhance security across all stages of data verification. Furthermore, allowing smart contracts to access information through APIs resolves trust issues while ensuring minimal changes to SIM cards.

The collaboration with Chainlink also addresses issues with two-factor authentication (2FA) in Web3 and DeFi ecosystems. In any case, the partnership is expected to empower developers as the ecosystem expands and asset adoption increases. Developers can additionally enhance the ecosystem by implementing proper verification systems through new connectivity platforms. Ensuring security will mitigate regulatory hurdles in the sector and open developers to broader markets, according to Johann Eid, the Chief Business Officer of Chainlink Labs.