7 months ago
Chainlink has secured a strategical concern with Telefonica, a planetary telecommunications powerhouse, to unafraid the transportation of Web3 astute contracts with Global System for Mobile Communications Association (GSMA) Open Gateway APIs, according to a Feb. 15 connection shared with CryptoSlate.
“This collaboration marks a important measurement successful integrating Telco capabilities into the blockchain manufacture and demonstrates the request for unafraid oracle networks to present real-world information onchain,” per the statement.
The archetypal usage lawsuit volition impact the SIM SWAP API. According to Telefonica, the API integrates SIM swap detection and absorption functionality into applications and enhances information by identifying perchance fraudulent activity.
This collaboration integrates Chainlink Functions into the SIM SWAP API, facilitating information verification and allowing astute contracts to solicit accusation from the API, thereby ensuring the integrity of a device’s SIM paper against unauthorized alterations.
Furthermore, the API extends its inferior beyond this superior function, amplifying two-factor authentication (2FA) and fortifying fraud detection wrong Web3 decentralized applications (dApps) and DeFi services.
Johann Eid, Chainlink Labs’ Chief Business Officer, said:
“Bringing Telefónica’s OpenGateway APIs onchain with Chainlink Functions unlocks caller usage cases and greater information for our manufacture that yet amended support users and their assets.”
Over the past months, the Oracle web has made respective expansionary moves to thrust the adoption of its products by partnering with accepted firms similar the Society for Worldwide Interbank Transfers (SWIFT), South Korean gaming giant Wemade, and the New Zealand Banking Group. In addition, the web has besides scored important integrations with blockchain projects like Base and Circle’s USDC stablecoin.
LINK surges
Chainlink’s LINK token has enjoyed a mostly affirmative week, rising by astir 8% during the play to commercialized astatine much than $20, according to CryptoSlate’s data. This is LINK’s highest terms level since aboriginal 2022.
This terms show propelled it into the apical 10 integer assets by marketplace capitalization during the reporting period. However, it has dropped to eleventh aft a mild diminution of 0.76% during the past day.
Nevertheless, LINK remains 1 of the apical integer assets successful the industry, with a marketplace capitalization of $11.8 billion.
The station Chainlink and Telefonica articulation forces to combat SIM swap attacks arsenic LINK up 30% successful Feb appeared archetypal connected CryptoSlate.
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