Oracle is an indispensable segment in the crypto market, especially when the DeFi trend has grown strongly in the summer of 2020, and ChainLink is the largest oracle project and leads the oracle trend
[1]. The popularity of solutions from ChainLink and the spectacular growth of LINK tokens in 2021 have made ChainLink a major force in this market, LINK's reputation is probably only 3rd and behind BTC and ETH.
With the emergence of the RWA trend, I thought that ChainLink would soon have news of collaborating with RWA platforms to provide its services to new assets in the crypto market, but Chainlink Labs surprised me with new partners and a new value/service for ChainLink.
ChainLink partners with Telefonica, a major telecom provider, to bolster security in Web3. This collaboration aims to combat SIM swap attacks, a prevalent hacking method, through Chainlink Functions and Telefonica's SIM Swap API.
This integration empowers Polygon apps to verify recent SIM changes, potentially thwarting fraudulent activities. The partnership paves the way for enhanced security measures like improved 2FA, identity theft protection, and automated transactions for financial institutions.
The feature will be implemented by Vivo, Brazil’s top carrier and a subsidiary of Telefonica in the South American country. Johann Eid, CBO at Chainlink Labs, stated that taking Telefonica’s API functions to the blockchain “opens up new use cases and greater security for our industry that ultimately better protects users and their assets”[2].Simply: ChainLink not only provides quote services for DeFi protocols, but also provides SIM status monitoring services for crypto protocols to improve security in Web3. This service from ChainLink may be the missing piece to protect users' accounts and assets in this market, this is something I have never thought of. ChainLink has a lot of potential value that we have not had the opportunity to explore. LINK token will be supported by new customers and demands like this. I believe that LINK token has a very long growth journey ahead!
What do you think about the new service from ChainLink? Will this new service + customers + demand help LINK token price continue to grow strongly in 2024 and 2025?
[1]
Chainlink Labs: Pioneering Smart Contracts and Oracle Networks[2]
Telefonica Partners Chainlink to Mitigate SIM Swap Attacks in Web3