Spanish telecom giant Telefónica partners with Chainlink to protect against SIM Swap attacks

Spanish telecommunications company Telefónica on Thursday announced a strategic alliance with Web3 solutions provider Chainlink Labs. Through the partnership, the two companies aim to integrate real-world telecommunications functions into blockchain networks to increase security. The first use case in the partnership will involve the SIM SWAP API, introduced by GSM Open Gateway, a mobile network that provides application programmable interfaces to developers. Telefónica is a member of the GSMA. SIM SWAP API checks the last modification time of the SIM card associated with a mobile number and is used to prevent fraud on personal and bank accounts. The SIM SWAP API will enable developers to validate data from a variety of sources via Chainlink Functions, a Web3 development platform for retrieving data from real-world APIs. The integration of the Chainlink platform and SIM SWAP API will provide an “additional layer of security” to blockchain transactions, enabling smart contracts to make requests for information to the API. This will help secure SIM cards from unauthorized changes, Telefónica explained in the release. (The Block)