NOIDA (CoinChapter.com) — Chainlink has announced that it will be joining forces with telecommunications giant Telefónica. The partnership will leverage Chainlink’s technology with Telefónica’s GSMA Open Gateway to enhance Web3 security.
Specifically, the collaboration will focus on preventing SIM swap hacks—a significant threat in the digital world.
Above all, Chainlink’s decentralized oracles will serve as a bridge between Telefónica’s telecommunications infrastructure and blockchain networks. The blockchain platform offers a secure and reliable way to validate transactions and interactions within Web3 applications.
As per the announcement, Chainlink’s partnership with Telefónica would help provide security for smart contracts connecting with other APIs on the ‘GSMA OpenGateway.‘
In addition, GSMA is an organization with over 1,000 mobile operators and businesses as members. The organization launched the OpenGateway to introduce the Web3 ecosystem to the telecom sector.
SIM swap hacks involve criminals fraudulently transferring a victim’s phone number to a SIM card they control, allowing them to intercept sensitive information as a result.
“Bringing Telefónica’s OpenGateway APIs onchain with Chainlink Functions unlocks novel use cases and greater security for our industry that ultimately better protect users and their assets. We’re excited to bring Chainlink and major telecoms like Telefónica together to further the vision of a verifiable web.“
Johann Eid, Chief Business Officer at Chainlink Labs, said
Chainlink’s partnership with the telecom firm seeks to mitigate vulnerabilities like SIM Swap hacks by integrating advanced security measures. Telefónica would introduce the first GSMA OpenGateway API available in Brazil.
Despite news of the Chainlink partnership, LINK price’s bull run failed to break over the supply wall near $21, with the sell-off resulting in the Chainlink token dropping nearly 7% to reach a daily low near $19.15.
For the rally to continue, bulls would need to break above the immediate barrier before targeting the resistance near $23.6.
On the other hand, if the Chainlink partnership news fails to attract buyers into the market, LINK price could drop to the support near $18.25. Moreover, breaching the immediate support could see the Chainlink token test the support near $15.3 before recovering.
The RSI for LINK remained neutral, clocking a reading of 64.87 on the daily charts.
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