Spanish telecommunications giant Telefonica just lately announced its partnership with Chainlink, a transfer geared toward combating Web3-related exploits, together with SIM card fraud. Contemplating the harm these exploits have inflicted on the crypto area, that is undoubtedly a welcome growth.
How This Partnership Will Increase Web3 Safety
Telefonica talked about integrating Chainlink, the decentralized Oracle community, to strengthen Web3 safety with the GSMA Open Getaway. GSMA Open Gateway is a “framework of common network APIs (Application Programming Interface) designed to provide universal access to operator networks for developers.”
Telefonica integrating Chainlink will “enable the secure connection of Web3 smart contracts” with the assistance of the GSMA Open Gateway API. One of many APIs supported by GSMA consists of SIM SWAP, which would be the first use case launched on this partnership. The SIM swap API allows developers to combine this performance into their functions.
On this occasion, Chainlink, already known for connecting blockchain-based sensible contracts to real-world knowledge by its oracles, will act because the middleman, supplying Web3 functions with knowledge from the SIM swap API. These knowledge will embrace info like date and time stamp, which exhibits when a SIM related to a cellphone quantity was final modified.
These Web3 functions can simply detect and forestall any pockets takeover or fraudulent transaction from SIM Swap attacks. Telefonica added that this may mitigate danger past transaction safety, “addressing two-factor authentication (2FA) and fraud detection in Web3 dApps and DeFi services.”
Strengthening Web3 Safety
Safety breaches within the Web3 area proceed to happen at an alarming fee. Bitcoinist just lately reported how the infamous phishing group Angel Drainer drained 128 wallets value about $403,000. Particularly, the SIM swap assaults, which the Telefonica-Chainlink partnership hopes to deal with, led to the loss of over $13.3 million value of crypto in simply 4 months final yr.
Apparently, the FTX breach, which led to the lack of over $400 million value of crypto, was additionally recently revealed to have occurred attributable to a SIM swap with the attackers sim-swapping the main points of an FTX worker. Due to this fact, this current partnership is a major step ahead as stakeholders within the business proceed to discover a lasting resolution to those exploits.
As soon as that occurs, the crypto business can make certain that extra customers will probably be prepared to take a position their funds with out fearing a major breach.
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