Telefonica Partners with Chainlink to Strengthen Web3 Security
Spanish telecommunications giant Telefonica has announced a partnership with Chainlink to enhance security in the Web3 space and combat exploits like SIM card fraud. This collaboration is a positive development considering the significant damage caused by these types of attacks in the crypto industry.
Boosting Web3 Security through Integration
Telefonica plans to integrate Chainlink, a decentralized Oracle network, with the GSMA Open Gateway. The GSMA Open Gateway is a framework that provides developers with universal access to operator networks through common network APIs. By integrating Chainlink, Telefonica aims to enable secure connections between Web3 smart contracts and the GSMA Open Gateway API.
The first use case introduced in this partnership will be the SIM swap API, which allows developers to incorporate SIM swap functionality into their applications. Chainlink will act as an intermediary, supplying Web3 applications with data from the SIM swap API, including information such as when a SIM associated with a phone number was last changed.
Strengthening Security Measures
This partnership between Telefonica and Chainlink addresses the increasing security breaches in the Web3 space. SIM swap attacks have led to significant losses in the crypto industry, with over $13.3 million worth of cryptocurrency stolen in just four months last year. The recent FTX breach, which resulted in the loss of over $400 million, also involved a SIM swap attack.
By leveraging Chainlink’s capabilities, Web3 applications can detect and prevent wallet takeovers and fraudulent transactions resulting from SIM swap attacks. This collaboration not only enhances transaction security but also addresses two-factor authentication (2FA) and fraud detection in Web3 dApps and DeFi services.
With improved security measures, users can have more confidence in investing their funds in the crypto industry.
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