U.K. telecommunications giant Vodafone is looking to embed crypto wallets directly into mobile phone SIM cards.
David Palmer, the chief product officer (CPO) of Pairpoint by Vodafone, expounded on this move in an interview with Yahoo Finance Future Focus.
Palmer shed light on the company’s plans to propel blockchain adoption in managing crypto transactions on mobile devices.
Palmer explained that Vodafone remains focused on linking SIM cards to crypto wallets. The goal is to utilize the cryptographic capabilities present in SIM cards for seamless blockchain integration.
The Pairpoint CPO elaborated on how the Vodafone subsidiary is driving the advancement of web3 and internet of things (IoT) services by leveraging SIM card technology for blockchain-based digital wallets on mobile devices.
He also expressed his belief that by 2030, there would be approximately 5.6 billion blockchain-based digital wallets, serving as gateways to financial services.
Palmer also estimated that around eight billion cell phones would be in use globally by the same year, meaning at least 70% of the world’s population would have access to the technology.
His revelations come only months after reports emerged that Vodafone had entered into a 10-year strategic partnership with Microsoft to provide generative artificial intelligence (AI) services to its customers.
Furthermore, the telecommunications giant had previously shown its interest in web3 and blockchain technology when Pairpoint, then known as Digital Asset Broker (DAB), unveiled a proof of concept in collaboration with Sumitomo Corporation and Chainlink Labs.
The proof of concept was aimed at streamlining the exchange of trade documents across disparate platforms and blockchains, addressing the inefficiencies plaguing the global trade ecosystem, which is worth an estimated $32 trillion.
It underscored the capability of seamlessly exchanging pivotal trade documents across several platforms and blockchains, a process often stymied by fragmented and incompatible systems.