Jai Sahu
Vodafone, a leading telecommunications company in the UK, is considering embedding cryptocurrency wallets directly into mobile phone SIM cards.
In an interview with Yahoo Finance Future Focus, David Palmer, the Chief Product Officer (CPO) of Pairpoint by Vodafone, shared insights into the company’s strategy to drive blockchain adoption for managing crypto transactions on mobile devices.
Palmer emphasized Vodafone’s commitment to connecting SIM cards with crypto wallets to leverage the cryptographic capabilities inherent in SIM cards for seamless blockchain integration.
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
He elaborated on how Pairpoint, a Vodafone subsidiary, aims to advance web3 and Internet of Things (IoT) services by utilizing SIM card technology for blockchain-based digital wallets on mobile devices.
Palmer projected that by 2030, there would be approximately 5.6 billion blockchain-based digital wallets, serving as gateways to financial services. Additionally, he estimated that around eight billion cell phones would be in use globally by the same year, providing access to technology for at least 70% of the world’s population.
These plans follow Vodafone’s recent 10-year strategic partnership with Microsoft to offer generative artificial intelligence (AI) services to customers. Moreover, Vodafone has demonstrated interest in web3 and blockchain technology through initiatives like Pairpoint’s proof of concept collaboration with Sumitomo Corporation and Chainlink Labs.
This proof of concept aims to streamline the exchange of trade documents across disparate platforms and blockchains, addressing inefficiencies in the global trade ecosystem estimated at $32 trillion.
It highlights the potential to seamlessly exchange critical trade documents across various platforms and blockchains, overcoming challenges posed by fragmented and incompatible systems.