NOIDA (CoinChapter.com) — Chainlink has announced that it will be collaborating with telecommunications giant Telefónica. This partnership will leverage Chainlink’s technology and Telefónica’s GSMA Open Gateway to strengthen Web3 security.
In particular, this collaboration will focus on preventing SIM swap hacking, a serious threat in the digital world.
Chainlink helps protect Telefónica from SIM swap hacks.
Among other things, Chainlink’s decentralized oracle will act as a bridge between Telefónica’s communications infrastructure and the blockchain network. Blockchain platforms provide a secure and reliable way to verify transactions and interactions within Web3 applications.
According to the announcement, Chainlink’s partnership with Telefónica will help provide security for smart contracts that connect with other APIs in ‘.GSMA Open Gateway.‘
Additionally, GSMA is an organization with over 1,000 mobile carriers and corporations as members. The organization launched OpenGateway to introduce the Web3 ecosystem to the telecom sector.
SIM swap hacking involves criminals fraudulently transferring a victim’s phone number to a SIM card under their control, ultimately intercepting sensitive information.
“Bringing Telefónica’s OpenGateway API on-chain through Chainlink capabilities will deliver new use cases and stronger security for the industry that ultimately better protects users and assets. We are excited to join leading telcos like Chainlink and Telefónica to further advance the vision of a verifiable web.“
Johann Eid, Chief Business Officer at Chainlink Labs, said:
Chainlink’s partnership with the telco seeks to integrate advanced security measures to mitigate vulnerabilities such as SIM swap hacks. Telefónica will introduce the first GSMA OpenGateway API available in Brazil.
LINK price reduction
Despite the news of the Chainlink partnership, the LINK price rally failed to break the supply wall near $21, and the sell-off caused the Chainlink token to fall nearly 7%, reaching a daily low near $19.15.
For the rally to continue, the bulls will need to break the immediate barrier before targeting resistance near $23.6.
On the other hand, if the Chainlink partnership news fails to attract buyers into the market, LINK price could fall to support near $18.25. Additionally, a violation of immediate support could see Chainlink tokens testing support near $15.3 before recovering.
LINK’s RSI remained neutral and hit 64.87 on the daily chart.