Telefonica partners with Chainlink for SIM card security.
Telecommunications company based in Spain telefonica Announcement of strategic partnership with web3 solution provider Chainlink Lab On Thursday. According to a press release shared with The Block, through the partnership, the two companies will integrate real-world communications capabilities into blockchain networks for improved security.
The partnership’s first use cases include the SIM SWAP API introduced by the Mobile Communications Association Open Gateway Global System, a mobile network that provides application programmable interfaces to developers. Telefonica is a member of GSMA.
The SIM SWAP API is used to prevent fraud on personal and bank accounts by determining when the SIM card associated with a mobile phone number was last modified. Through chain link 
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The integration of the Chainlink platform with the SIM SWAP API provides an “additional layer of security” to blockchain transactions, allowing smart contracts to make information requests to the API. This will help ensure that there have been no unauthorized changes to the SIM card, Telefonica explained in a release.
“Bringing Telefonica’s OpenGateway API on-chain with Chainlink functionality will deliver new use cases and stronger security for the industry that will ultimately better protect users and assets,” Johann Eid, Chief Business Officer at Chainlink Labs, said in the release. “It will be possible,” he said.
Telefonica, which has telecommunications networks across Europe and Latin America, has a market capitalization of 20.38 billion euros ($21.8 billion).
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong, and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.
