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HomeNewsChainlink Functions Integrated by Telefónica on Polygon Mainnet to Strengthen Smart Contract...

Chainlink Functions Integrated by Telefónica on Polygon Mainnet to Strengthen Smart Contract Security

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  • Telefónica and Chainlink Labs collaborate to integrate smart contracts with GSMA Open Gateway, improving security in blockchain transactions.
  • This alliance allows Telefónica to use Chainlink Functions, connecting APIs to the blockchain network and enhancing Web3 security.

A new chapter opens in the history of Web3 with the strategic alliance between Telefónica and Chainlink Labs. This union will revolutionize the security of blockchain technology, enabling a more robust and secure integration of smart contracts with other GSMA Open Gateway APIs.

The key to this transformation lies in the implementation of Chainlink Functions, a market-leading Web3 connectivity solution. This technology allows to securely connect any API in GSMA Open Gateway to Polygon’s PoS blockchain network.

A key step in securing transactions is the integration of the GSMA Open Gateway SIM SWAP API. This measure adds an additional layer of security to blockchain transactions, strengthening trust in the technology and facilitating its wide-scale adoption.

Vivo, Telefónica’s Brazilian subsidiary, will pioneer the commercialization of this solution. Its leadership consolidates Telefónica’s position as a leader in digital transformation and Web3 security.

GSMA Open Gateway: Expanding Telco’s Web3 Capabilities

The GSMA Open Gateway initiative, led by the GSMA, has introduced a set of standardized Telco APIs that introduce pioneering telecommunications capabilities into the Web3 ecosystem.

This initiative enables enterprises to efficiently address various challenges within the Web3 space, offering solutions for use cases such as fraud prevention and secure account creation.

Enhanced Security with GSMA Open Gateway SIM SWAP API and Chainlink

This flagship integration, using Chainlink Functions within the GSMA Open Gateway SIM SWAP API evolutionary roadmap, significantly elevates the security of smart contracts.

This collaboration not only improves transaction security but also brings an extra layer of protection to blockchain transactions, allowing smart contracts to request information from the API to verify that there have been no unauthorized changes to the device’s SIM card .

Using the GSMA Open Gateway API through Chainlink also mitigates risks beyond transaction security by addressing two-factor authentication (2FA) and fraud detection in dApp applications and Web3 DeFi services.

As the Web3 ecosystem expands, Telefónica Open Gateway and Chainlink play a key role in empowering developers.

Leveraging standardized Telco APIs and Chainlink’ sindustry-standard Functions computing platform , developers can enhance the Web3 ecosystem with greater connectivity and new intelligent layers of authentication and verification.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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