Chainlink has secured a strategic partnership with Telefonica, a worldwide telecommunications powerhouse, to safe the connection of Web3 good contracts with International System for Cell Communications Affiliation (GSMA) Open Gateway APIs, in response to a Feb. 15 assertion shared with CryptoSlate.

“This collaboration marks a big step in integrating Telco capabilities into the blockchain business and demonstrates the necessity for safe oracle networks to ship real-world knowledge onchain,” per the assertion.

The primary use case will contain the SIM SWAP API. In response to Telefonica, the API integrates SIM swap detection and administration performance into purposes and enhances safety by figuring out probably fraudulent exercise.

This collaboration integrates Chainlink Capabilities into the SIM SWAP API, facilitating knowledge verification and permitting good contracts to solicit info from the API, thereby guaranteeing the integrity of a tool’s SIM card in opposition to unauthorized alterations.

Moreover, the API extends its utility past this major operate, amplifying two-factor authentication (2FA) and fortifying fraud detection inside Web3 decentralized purposes (dApps) and DeFi providers.

Johann Eid, Chainlink Labs’ Chief Enterprise Officer, stated:

“Bringing Telefónica’s OpenGateway APIs onchain with Chainlink Capabilities unlocks novel use circumstances and better safety for our business that finally higher shield customers and their belongings.”

Over the previous months, the Oracle community has made a number of expansionary strikes to drive the adoption of its merchandise by partnering with conventional companies just like the Society for Worldwide Interbank Transfers (SWIFT), South Korean gaming big Wemade, and the New Zealand Banking Group. As well as, the community has additionally scored vital integrations with blockchain tasks like Base and Circle’s USDC stablecoin.

LINK surges

Chainlink’s LINK token has loved a largely optimistic week, rising by round 8% through the interval to commerce at greater than $20, in response to CryptoSlate’s knowledge. That is LINK’s highest value stage since early 2022.

This value efficiency propelled it into the highest 10 digital belongings by market capitalization through the reporting interval. Nevertheless, it has dropped to eleventh after a light decline of 0.76% through the previous day.

Nonetheless, LINK stays one of many high digital belongings within the business, with a market capitalization of $11.8 billion.