Telefónica, one of the world's leading telecom operators, has announced a strategic partnership with Chainlink. To improve security on Web 3 and in particular to combat cryptocurrency hacking through SIM swapping (or SIM Swap).
cooperate Telephonics With Chainlink to combat cryptocurrency hacks
On Thursday, Telefónica announced a strategic alliance with the Chainlink Oracle Blockchain network to enhance network security through the GSMA Open Gateway API, a global telecommunications industry initiative offering an application programming interface (API) platform designed to provide developers with access to... Complete Solution for operator networks.
This feature will allow you to check data from different sources using the functions Network of chains With GSMA Open Gateway API. This will also improve transaction security and provide an additional layer of security for blockchain transactions. Allowing smart contracts to send information requests to the API. This ensures that the device's SIM card is not replaced without permission.
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Through this partnership, the Spanish operator takes advantage of the functionality of Chainlink, a Web3 connectivity solution, to securely connect any API on the GSMA open gateway to the Polygon PoS blockchain network.
Using the GSMA Open Gateway API via Chainlink also helps reduce the risks of two-factor authentication (2FA). In addition to improving fraud detection in decentralized finance (DeFi).
Typically, SIM swapping attacks are aimed at spoofing or stealing a mobile phone line. Then use 2FA to gain control of your cryptocurrency account or wallet by resetting your password. Overall, this is one of the most common ways to steal cryptocurrencies.
Johan Eid, Chief Commercial Officer at Chainlink Labs, said:
“Our collaboration with Telefónica on the Open Gateway initiative expands on how the Chainlink platform supports security across the entire blockchain ecosystem (...). We will introduce an additional layer of security for blockchain transactions and make Web 3 a safer environment for everyone."
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