What is the significance of Oracle Parameter Global_names=TRUE?

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Global_names is a Boolean parameter which means the value of the parameter can be TRUE or FALSE. By default the value of the parameter is FALSE. If you set this parameter value as TRUE, the name of the database link must be the same name of the remote database which they are connecting.
If the value of the parameter is FALSE, then there will not be any check is performed on the database links.

You can set the parameter value in session level or system level.
ALTER SESSION SET global_names=TRUE;
ALTER SYSTEM SET global_names=TRUE;

How to check the parameter value?
show parameter global_names
SELECT VALUE FROM V$PARAMETER WHERE NAME='global_names';

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