Vodafone Aims to Use SIM Cards to Facilitate Crypto Transactions on Mobile Phones
Telecommunications company Vodafone is taking steps to leverage SIM card technology in order to meet the expected surge in demand for crypto transactions on mobile phones.
In an interview with Yahoo Finance Future Focus , David Palmer, Vodafone’s blockchain lead, revealed that the company is pushing to advance the use of blockchain technology on mobile devices for managing crypto transactions.
“Within each mobile phone is a SIM card and we have focused on linking the mobile phone SIM card to digital wallets, identity and blockchains, using the cryptography we have in those SIM cards for that blockchain integration,” Palmer said.
By harnessing the cryptographic capabilities embedded in the SIM cards, Vodafone aims to integrate them with blockchain technology, enabling seamless transactions.
Palmer said he foresees a future where there will be approximately 5.6 billion blockchain-based digital wallets by 2030, serving as gateways to financial services.
He specifically highlighted the use of public blockchains like Ethereum, citing their increasing speed and security.
However, he acknowledged that regulatory hurdles need to be addressed, particularly in the context of mainstream financial services and the existing sanctions-related restrictions on using public blockchains.
Vodafone is trying to turn your phone’s SIM card into a crypto wallet https://t.co/CTF2Q1hlWK
— Yahoo Finance UK (@YahooFinanceUK) May 3, 2024
One notable innovation from Vodafone in this domain is the PairPoint Digital Asset Broker platform.
Palmer explained that PairPoint facilitates transactions between public blockchains, such as Ethereum, and private blockchains like Onyx by JPMorgan, which utilizes smart contracts to enable seamless
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