Blockchain tech, crypto wallets draw Vodafone’s attention: details

Vodafone’s senior leadership is considering integrating blockchain technology into its operations. The concept of crypto wallet has also caught the attention of the UK-headquartered telecom giant in recent times. David Palmer, head of blockchain initiatives at Vodafone, talked about some of the company’s plans during a recent interview with Yahoo Finance. Palmer hinted that blockchain networks, crypto wallets, smartphones and SIM cards could all come together for a big Web3 twist to Vodafone’s services around the world.

Over the next six years, Palmer sees billions of smartphones in circulation. The number of crypto wallets is also expected to see a big jump in the same period, given that the sector is already moving towards regulated adoption in many countries.

“By 2030 we are expecting more than eight billion mobile phones to be in operation, many of them smartphones that act as touchpoints for people to use apps, conduct business. Essentially, those mobile phones will have SIM cards. So, we’ve focused on connecting SIM cards to digital identities, connecting SIM cards to blockchains, and using the cryptography that’s in those SIM cards for that integration,” said Palmer. Said During your interview.

Vodafone executives have estimated that by 2030, about 5.6 billion digital wallets will be operational, acting as gateways between people and financial services. These will also be used to hold digital IDs and other credentials.

“We think of connecting the digital wallet to the SIM card as having the necessary hardware, for example a hardware secure module, public-private key encryption, and a symmetric key inscription which are absolutely critical. “Because wallets are scalable and contain identities and financial credentials, they will be targets for hackers and others,” Palmer said.

As part of its plan to turn its business Web3, Vodafone is considering the use of public blockchains like Ethereum and Avalanche as well as private blockchains like Ripple and Hyperledger. The former, however, appears to be more interesting to Palmer, especially layer-2 chains supported by popular mother chains like Ethereum.

Overall, Vodafone’s plan to adopt a pro-Web3 approach to improve its operations could eventually make its services interoperable with Web2 as well as Web3. This could lead to a huge infusion of capital into the company’s coffers – putting it in a stronger position to arrange a massive $1.8 billion loan for its India subsidiary – Vodafone Idea. company Allegedly Wants a loan to turn around its loss-making operations in India.