Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Spanish telecom giant Telefonica partners with Chainlink for enhanced security

Spanish telecom giant Telefonica partners with Chainlink for enhanced security

The BlockThe Block2024/02/15 08:32
By:The Block

Quick Take The two entities will collaborate on utilizing web3 technology for fraud prevention in SIM cards.

Spanish telecom giant Telefonica partners with Chainlink for enhanced security image 0

Spain-based telecommunications company Telefonica announced a strategic alliance with web3 solution provider Chainlink Labs on Thursday. With the partnership, the two will integrate real-world telecommunications capabilities into blockchain networks for improved security, according to a press release shared with The Block.

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. Through Chainlink LINK +0.30% 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).


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!