Vodafone, a major telecommunications company in the U.K., is considering integrating cryptocurrency wallets directly into mobile phone SIM cards. David Palmer, the Chief Product Officer of Pairpoint at Vodafone, discussed this initiative in an interview with Yahoo Finance Future Focus.
Palmer outlined Vodafone’s strategy to promote blockchain technology for managing cryptocurrency transactions on mobile devices by connecting SIM cards to crypto wallets. The company aims to leverage the security features of SIM cards to seamlessly integrate blockchain technology.
The Pairpoint CPO highlighted how Vodafone’s subsidiary is pushing forward with web3 and Internet of Things (IoT) services by utilizing SIM card technology for blockchain-based digital wallets on mobile devices.
In addition, Palmer predicted that by 2030, there could be approximately 5.6 billion blockchain-based digital wallets, serving as gateways to financial services. He also estimated that by the same year, there would be around eight billion active cell phones globally, providing at least 70% of the world’s population with access to this technology.
These revelations follow reports of Vodafone’s 10-year strategic partnership with Microsoft to offer artificial intelligence services to its customers. Vodafone had previously demonstrated interest in web3 and blockchain technology through Pairpoint’s proof of concept, developed in collaboration with Sumitomo Corporation and Chainlink Labs.
The proof of concept aimed to streamline the exchange of trade documents across various platforms and blockchains, addressing inefficiencies in the global trade ecosystem valued at $32 trillion. It showcased the ability to exchange crucial trade documents seamlessly across multiple platforms and blockchains, overcoming challenges posed by fragmented and incompatible systems.