Blockchain
Vodafone has an idea on how to handle crypto transactions
British telecom giant Vodafone is looking to embed crypto wallets directly into mobile phone SIM cards.
David Palmer, chief product officer (CPO) of Vodafone’s Pairpoint, explained this move in a interview with Yahoo Finance Future Focus.
Palmer shed light on the company’s plans to promote blockchain adoption in managing crypto transactions on mobile devices.
Palmer explained that Vodafone remains focused on connecting SIM cards to crypto wallets. The goal is to use the cryptographic capabilities present in SIM cards for seamless blockchain integration.
Pairpoint’s CPO explained how the Vodafone subsidiary is driving the progress of web3 and Internet of Things (IoT) services leveraging SIM card technology for blockchain-based digital wallets on mobile devices.
He also expressed the belief that by 2030 there will be around 5.6 billion blockchain-based digital wallets, which will serve as gateways to financial services.
Palmer also estimates that around eight billion mobile phones will be in use globally by the same year, meaning at least 70% of the world’s population will have access to the technology.
His revelations come just months after reports emerged that Vodafone had entered into a ten-year strategic partnership with Microsoft to provide generative services. artificial intelligence (AI) services to its customers.
Furthermore, the telecom giant had already shown interest in web3 and blockchain technology when Pairpoint, then known as Digital Asset Broker (DAB), revealed a proof of concept in collaboration with Sumitomo Corporation and Chainlink Labs.
The proof of concept aimed to streamline the exchange of trade documents across disparate platforms and blockchains, addressing inefficiencies plaguing the global trade ecosystem, which is worth an estimated $32 trillion.
He highlighted the ability to seamlessly exchange crucial business documents across different platforms and blockchains, a process often hampered by fragmented and incompatible systems.