Telefónica has formed a strategic alliance with Chainlink Labs to improve the security of the Web3 ecosystem.
This collaboration will involve the incorporation of Chainlink's blockchain oracles and the GSMA Open Gateway API, which aims to establish standardized software interfaces for developers.
According to the press release, oracles play a key role in Web3 by connecting smart contracts on the blockchain with real-world data, providing the reliability and accuracy needed for automated decision-making.
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The first initiative under this partnership will be to implement Chainlink's capabilities for the SIM SWAP API of Vivo, Telefonica's Brazilian subsidiary, Vivo. This solution will control any modifications made to the SIM card and prevent unauthorized tampering and fraud.
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The integration of blockchain platform options is expected to enable the API to obtain data from various sources, while providing an additional layer of security through direct communication with smart contracts and reliable two-factor authentication.