British telecom giant Vodafone is considering embedding cryptocurrency wallets directly into mobile phone SIM cards.
Vodafone's chief product officer for Pairpoint, David Palmer, elaborated on the move in an interview with Yahoo Finance Future Focus.
Palmer revealed the company's plans to advance the adoption of blockchain in managing cryptocurrency transactions on mobile devices.
Palmer explained that Vodafone remains focused on linking SIM cards to cryptocurrency wallets. The goal is to leverage the cryptographic capabilities present in SIM cards to seamlessly integrate blockchain.
Pearpoint's CPO on how the Vodafone subsidiary is driving advancements in Web3 and Internet of Things (IoT) services by leveraging SIM card technology for blockchain-based digital wallets on mobile devices. I explained it in detail.
He also expressed the belief that by 2030, there will be approximately 5.6 billion blockchain-based digital wallets, which will serve as a gateway to financial services.
Palmer also predicts that by the same year there will be around 8 billion mobile phones in use worldwide, meaning at least 70% of the world's population will have access to this technology.
His revelations come just months after reports surfaced that Vodafone had entered into a 10-year strategic partnership with Microsoft to provide generative artificial intelligence (AI) services to customers.
Additionally, the telecom giant previously expressed interest in Web3 and blockchain technology when Pairpoint, then known as Digital Asset Broker (DAB), announced a proof of concept in collaboration with Sumitomo Corporation and Chainlink Labs. Ta.
The proof of concept aimed to streamline the exchange of trade documents across disparate platforms and blockchains, addressing inefficiencies plaguing a global trade ecosystem worth an estimated $32 trillion.
This highlighted the ability to seamlessly exchange vital trade documents across multiple platforms and blockchains, a process that was often hampered by fragmented and incompatible systems.
