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Vodafone’s PairPoint attempts to turn mobile device SIM cards into crypto wallets
Watch: Pairpoint by Vodafone CPO David Palmer speaks to Yahoo Finance Future Focus
Vodafone will use SIM card technology to meet an expected increase in demand for cryptocurrency on mobile phones.
Pairpoint by Vodafone CPO David Palmer spoke to Future goal of Yahoo Finance on how the company is advancing the use of blockchain on mobile devices to manage crypto transactions.
“In every mobile phone there is a SIM card and we have focused on linking the mobile phone SIM card to digital wallets, identity and blockchains, using the cryptography we have in these SIM cards for this blockchain integration,” Palmer told Yahoo Finance.
Palmer explained how the company’s Pairpoint brand advances Web3 and Internet of Things (IoT) services using SIM card technology for blockchain-based digital wallets on mobile devices. “Pairpoint provides a secure digital platform that allows vehicles, devices and machines to interact and exchange with each other autonomously and seamlessly,” Vodafone said. website said.
Rise of blockchain-based digital wallets
Palmer estimates that there will be 5.6 billion blockchain-based digital wallets by 2030 and that they will be the gateway to financial services.
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Palmer highlighted the use of public blockchains like Ethereum (ETH-USD). He highlighted the increasing speed and security of blockchains, but acknowledged regulatory hurdles.
“The long-term path is to use public blockchains such as the Ethereum network, and with the Ethereum fork we are starting to see public blockchains become faster and more secure,” Palmer added.
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But he acknowledged regulatory hurdles, adding that “in the case of traditional financial services, there are regulations that prevent them from using public blockchains due to sanctions.”
The story continues
Vodafone’s digital asset brokerage platform
One of the Vodafone (VOD.L) key innovations in this sector are the digital asset broker PairPoint platform. Palmer explained how ParPoint can facilitate transactions between public blockchains, such as the Ethereum network, and private blockchains such as JPMorgan’s Onyx, which uses smart contracts for seamless integration.
He said: “We act as an intermediary for large companies who want to write on a public blockchain. These large financial services can connect to the Vodafone blockchain, they are registered there, and then a smart contract using things like account abstraction, enables interoperability between the chains. “.
Vodafone’s digital asset brokerage platform follows their early experiments with peer-to-peer micropayment transactions. Vodafone then integrated its SIM card technology with the blockchain, introducing interoperable “digital identity passports”. These passports, anchored on the blockchain, securely store the private keys of digital wallets within the hardware module of the SIM card.
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This resulted in the creation of Vodafone’s Pairpoint platform, providing Internet of Things (IoT) devices with decentralized digital identities and enabling them to operate across organizational and systemic boundaries.
Palmer illustrated this concept with scenarios in which devices equipped with hardware wallets could authenticate and execute transactions autonomously – for example, an autonomous electric vehicle could pay for its own charge at a charging station.
But Palmer warned of the importance of securing these wallets against cyber threats and acknowledged they would be prime targets for hackers.
Watch: How crypto’s faster payment systems are influencing traditional finance | Future goal
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