Vodafone, a telecommunications provider based in the United Kingdom, is aiming to introduce blockchain technology to smartphone users by integrating cryptocurrency wallets with subscriber identity module (SIM) cards.
This ambitious move comes as part of Vodafone’s financial plan, which reportedly involves Vodafone Idea, a separate entity operating in India that the Vodafone Group holds a 45% stake in. Vodafone Idea is expected to take on nearly $3 billion in debt, including $1.8 billion in loans over the next two years.
In a recent interview with Yahoo Finance Future Focus, David Palmer, Vodafone’s Blockchain Lead, discussed the company’s plans to integrate blockchain technology into smartphone SIM cards. Palmer provided further details, stating that he anticipates there will be approximately eight billion smartphones in use by 2030. He also predicts a surge in crypto wallets to reach 5.6 billion during the same time frame, which would account for nearly 70 percent of the global population.
Despite the financial challenges faced by Vodafone Idea in India, including the recent sale of $2.2 billion worth of shares ahead of a reported $3 billion debt-raising plan, Vodafone Group has been busy in 2024. The company recently entered into a 10-year strategic partnership with Microsoft to bring generative artificial intelligence (AI) services to its customers. Microsoft CEO Satya Nadella emphasized the disruptive potential of AI technologies, stating that the “new generation of AI will unlock massive new opportunities for every organization and every industry around the world.”
This is not the first time a company has attempted to combine cell phone technology with blockchain hardware. In 2019, U.S. startup VaultTel announced its plans to develop a physical wallet that could be inserted into a smartphone’s SIM slot.
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