- Vodafone plans to utilize SIM card technology for blockchain-based digital wallets on mobile devices through Pair Points.
- The UK-based telco promises to facilitate mass adoption of cryptocurrencies as it is available worldwide through its subsidiaries.
Vodafone Group, a top multinational telecommunications company with operations primarily in Europe, Asia, Oceania and Africa, is evolving its SIM technology through the use of blockchain, ostensibly to help users manage their crypto assets. I’m letting you do it. Vodafone Pairpoint chief product officer David Palmer said in a recent interview that the company plans to link mobile SIM cards to digital wallets.
“Each mobile phone contains a SIM card, and blockchain integration focuses on linking a mobile phone SIM card to a digital wallet, identity, and blockchain using encryption within the SIM card. “We’re putting it there,” Palmer said.
Vodafone and the Web3 industry
Mass adoption in the cryptocurrency industry has reached a tipping point over the past year following the introduction of clear cryptocurrency regulatory frameworks in various jurisdictions. Europe. Recently as a crypto news flash It pointed outthe recent approval of spot Bitcoin ETFs in the US and Hong Kong will also cause ripple effects in other major jurisdictions such as Australia, the UK, and Singapore.
For Vodafone, Pairpoint already provides a secure digital platform that allows electronic devices such as vehicles to communicate seamlessly with each other. As a result, the company’s web3 and Internet of Things (IoT) efforts coincide with the growing demand for interoperable blockchain-based digital wallets.
According to Palmer, the number of blockchain-based digital wallets will grow to 5.6 billion over the next six years. Furthermore, the linking of his SIM card technology with blockchain-based digital wallets will further drive adoption that was previously shut out by the sophisticated Web3 protocol.
“Longer term, we are moving towards using public blockchains such as the Ethereum network. With the Ethereum fork, we are starting to see that public blockchains are becoming faster and more secure,” Palmer said. added.
Previously, Vodafone entered the Web3 space through its PairPoint digital asset broker platform. The platform can facilitate transactions between public and private blockchains using smart contracts. Vodafone has also introduced an interoperable digital identity passport using blockchain technology.
Market impact
As big tech companies enter the Web3 space, they end up being exposed to sophisticated hacking threats such as North Korea’s Lazarus. Nevertheless, there is no doubt that the cryptocurrency market will grow exponentially in the coming years.
as Crypto News Flash Explained, the fourth Bitcoin halving occurred, reducing the block reward to approximately 3.125 BTC. With the flight of institutional investors and individual traders, overall demand for Bitcoin is increasing day by day, and this bullish cycle is bound to see the underlying price rise sharply.
Burstein analysts said in a note to investors that they expect the price of Bitcoin to reach at least $150,000 by the end of 2025.
