Vodafone’s senior management is looking to integrate blockchain technology into its operations. The concept of cryptocurrency wallets recently caught the attention of the UK-based telecom giant. David Palmer, Vodafone’s head of blockchain initiatives, spoke about some of the company’s plans in a recent interview with Yahoo Finance. Palmer hinted that blockchain networks, cryptocurrency wallets, smartphones and SIM cards could all come together to bring about big Web3 changes to Vodafone services around the world.
Palmer predicts there will be billions of smartphones in circulation within the next six years. During the same period, the number of cryptocurrency wallets is also expected to increase significantly, given that several countries are already moving towards regulatory adoption.
“By 2030, we expect there will be more than 8 billion mobile phones in operation, many of them smartphones, which serve as the touchpoint through which people use apps and conduct business. By default, your phone contains a SIM card. So we focused on connecting the SIM card to a digital identity, connecting the SIM card to the blockchain, and using the encryption on the SIM card for integration,” Palmer said in an interview.
Vodafone officials estimate that about 5.6 billion digital wallets will be in operation by 2030, acting as a gateway between people and financial services. It is also used to store digital IDs and other credentials.
“We consider linking digital wallets to SIM cards with the necessary hardware. Examples include hardware security modules, public-private key cryptography, and absolutely critical symmetric keystrokes. “Wallets will be a target for hackers and others because they extend and hold your identity and financial credentials,” Palmer added.
Vodafone is considering the use of public blockchains such as Ethereum and Avalanche, as well as private blockchains such as Ripple and Hyperledger, as part of its plans to give businesses a Web3 twist. But to Palmer, the former appears to be more interesting. This is especially true for layer 2 chains supported on top of popular mother chains such as Ethereum itself.
Overall, Vodafone’s plan to use a pro-Web3 approach to improve its operations could eventually make its services interoperable with Web2 and Web3. This could result in a major inflow of capital into the company’s treasury, putting it in a strong position to arrange a massive loan worth as much as $1.8 billion for its Indian subsidiary Vodafone Idea. The company is reportedly seeking loans to revive its loss-making operations in India.
Affiliate links may be generated automatically. Please see our Ethics Statement for more information.
