Chainlink, a leader in decentralized blockchain oracles, has joined forces with Telefónica, Spain’s premier mobile network and a top telecom player in the European Union. This alliance is set on introducing robust security protocols to shield against Web3 hacks, with a special focus on thwarting SIM swap frauds.
The main focus of this partnership is to enhance the security of smart contracts that interact with different Application Programmable Interfaces (APIs) through the “GSMA Open Gateway.” The GSMA, which comprises more than 1,000 mobile operators and related firms, is leading this initiative to seamlessly integrate telecom technologies into the Web3 infrastructure.
Tackling SIM Swap Attacks Head-On
One of the main objectives of this initiative is to prevent “SIM swap” attacks. This type of hacking involves stealing a user’s identity to access their financial accounts without authorization.
The partnership between the two companies has introduced a new solution to address the issue of security in blockchain transactions. The innovative approach involves the use of smart contracts that can request information from the API to verify if a device’s SIM card has been tampered with. This process adds an extra layer of security to blockchain transactions and helps create a safer environment by deterring potential fraud.
Launching in Brazil: A Testbed for Innovation
Telefónica is set to roll out the first GSMA Open Gateway API, aptly named SIM swap, in Brazil. This move is designed to offer an additional security layer for blockchain transactions, setting a precedent for future implementations worldwide.