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Vodafone intends to concentrate on integrating blockchain technology into smartphones by linking SIM cards to digital identities and cryptocurrency wallets.
David Palmer, Chief Product Officer of Pairpoint by Vodafone, a prominent mobile operator, disclosed that the firm aims to address the growing demand for cryptocurrency transactions via smartphones by incorporating blockchain into mobile devices through SIM cards.
Palmer noted that the company anticipates approximately 8 billion mobile devices will be in operation by 2030, with the majority being smartphones. Additionally, Vodafone analysts predict that around 5.6 billion mobile devices will have applications for crypto storage and transfer installed. Palmer stated that “within each mobile phone is a SIM card,” indicating their intention to leverage this technology for the digital identification and management of cryptocurrency transactions.
The forthcoming integration will employ technology from the Pairpoint blockchain platform, previously known as Digital Asset Broker, which Vodafone developed to enhance device interoperability as part of the Internet of Things (IoT). Utilizing SIM card technology for cryptocurrency wallets on mobile devices will enable smartphones to communicate with one another autonomously and effortlessly.
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Palmer further highlighted that the company aims to simplify cryptocurrency transactions via mobile devices by utilizing public blockchain networks such as Ethereum and private networks like JPMorgan’s Onyx. Vodafone’s Pairpoint blockchain solution will leverage SIM card data to create account abstractions and facilitate cross-chain interoperability.
Palmer indicated that the company has already conducted multiple trials related to its SIM integration with blockchain. For instance, during its micropayment experiments, Pairpoint developed and utilized “digital ID passports” for peer-to-peer transactions. These blockchain ID solutions enable secure storage of private keys within the hardware module of a SIM card.
Among the primary challenges in executing the project, Palmer identified regulatory constraints, along with the necessity to enhance security measures for protecting cryptocurrency wallets against cyber threats and hackers.
Vodafone’s Pairpoint blockchain platform took part in the Chainlink experiment to investigate the potential of smart devices and distributed ledger technology (DLT) systems within the data transfer framework through AI-driven applications.
Сообщение Vodafone Will Embed Crypto Wallets Into SIM Cards появились сначала на CoinsPaid Media.
