UK telecom giant Vodafone is looking to integrate cryptocurrency wallets directly into mobile SIM cards.
David Palmer, chief product officer (CPO) of Vodafone's Pairpoint, explained the move in an article interview With Yahoo Finance the focus is on the future.
Ballmer highlighted the company's plans to drive the adoption of blockchain technology in managing cryptocurrency transactions on mobile devices.
Ballmer explained that Vodafone is still focused on linking SIM cards to cryptocurrency wallets. The goal is to leverage the cryptographic capabilities found in SIM cards for seamless blockchain integration.
The Pairpoint CPO explained how the Vodafone subsidiary is driving the advancement of Web 3 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 will be approximately 5.6 billion digital wallets based on blockchain technology, acting as gateways to financial services.
Palmer also estimated that about eight billion mobile phones will be in use globally by the same year, meaning that at least 70% of the world's population will have access to this technology.
His findings come just months after reports emerged that Vodafone had entered into a 10-year strategic partnership with Microsoft to provide generative AI services to its customers.
Furthermore, the telecom giant previously showed interest in Web 3 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 goal of the proof of concept was to simplify the exchange of commercial documents across disparate platforms and blockchain, and address the inefficiencies plaguing the global trading ecosystem, which is estimated to be worth $32 trillion.
He emphasized the ability to seamlessly exchange pivotal business documents across multiple platforms and blockchains, a process often disrupted by fragmented and incompatible systems.
