Telecommunications company Vodafone Group is working on introducing blockchain technologies into the mobile communications sector, Incrypted reports with a link to Yahoo Finance.
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What is known
The operator announced plans to integrate crypto wallets into subscriber identification modules (SIM cards).< /p>
According to Vodafone’s head of blockchain, David Palmer, by 2030, up to 20 billion mobile phones will be in use around the world. About 8 billion devices will be smartphones, he believes.
If we take into account the forecast that over the next six years the number of crypto wallets will exceed 5.5 billion, then the potential size of the market will become clear, Palmer emphasized.
< p>“So we focused on connecting the SIM card with digital identity, combining it with the blockchain. After that, we will begin to use the cryptography that is in these SIM cards for further integration (wallet),” said a Vodafone representative.
Against the backdrop of news about the operator’s increased attention to blockchain technology, information has emerged that the company is looking for a significant volume of funds.
Vodafone intends to receive a loan of $1.8 billion over the next two years, writes Bloomberg.
These funds will be used to restructure and develop the telecommunications giant. Management is trying to review Vodafone's activities and reduce the company's losses, media claim. The operator sees the blockchain technology industry as one of the promising areas, Palmer noted.
Another sector that Vodafone is interested in is the field of artificial intelligence. Earlier it became known that the company signed a ten-year agreement with Microsoft Corporation. It aims to scale business and improve customer experience through generative AI.
