Telefónica (TEF), one of the world's largest telecommunications service providers, partners with decentralized oracle network Chainlink (LINK) to ensure security against Web3-related hacks and exploits, including “SIM swap” attacks .
The partnership will provide security for smart contracts that connect to other application programmable interfaces (APIs) on the GSMA Open Gateway, according to a statement released Thursday. The GSMA, an organization of more than 1,000 mobile carriers and enterprises, has launched the GSMA Open Gateway, which introduces APIs to help bring communications technologies into the Web3 ecosystem, according to a statement.
“This partnership is an important step in integrating telco capabilities into the blockchain industry and demonstrates the need for secure oracle networks to deliver real-world data on-chain,” the statement said. There is. “This interconnected ecosystem enhances the functionality and security of Web3 applications, contributing to a more robust and verifiable digital environment,” the statement added.
One of the first use cases for this initiative is to prevent exploits such as “SIM swapping,” a type of hacking tool based on identity theft and impersonation of financial account holders. This scheme is increasingly being used in his Web3 industry, and one recent high-profile case of such fraud is Sam Bankman Freed's His $400 million was stolen from FTX.
The first GSMA Open Gateway API – aptly called SIM SWAP – will be introduced in Brazil by Telefonica to add an extra layer of security to blockchain transactions.
“This integration not only strengthens the security of transactions, but also allows smart contracts to request information from APIs to ensure that a device's SIM card has not been tampered with, making blockchain It introduces an additional layer of security to your transactions,” the statement said.
