Crypto wallets catch Vodafone’s attention as telcos look to integrate blockchain into their operations

Vodafone’s senior management is looking to integrate blockchain technology with its operations. The concept of crypto wallets has also attracted the attention of the UK-based telecom giant in recent times. David Palmer, Vodafone’s Head of Blockchain Initiatives, spoke 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 come together to bring a big Web3 twist to Vodafone services around the world.

Over the next six years, Palmer expects billions of smartphones to hit the market. In the same duration, the number of Crypto wallets A big leap is also expected as the industry is already moving towards regulated adoption in several nations.

“By 2030 we predict that more than eight billion mobile phones will be in operation, many of which will be smartphones that serve as a point of contact for people to use apps and conduct business. Essentially, there will be SIM cards in those cell phones. So, we focused on connecting the SIM card to the digital identity, connecting the SIM card to blockchainand using the encryption found in those SIM cards for that integration,” Palmer She said during his interview.

The Vodafone official predicted that by 2030, about 5.6 billion digital wallets will be operational, acting as a gateway between people and financial services. They would also be used to hold digital IDs and other credentials.

“We think about connecting digital wallets to SIM cards, which have the necessary hardware, so for example the hardware security module, public-private key encryption and a symmetric key enrollment which are absolutely fundamental. As wallets expand and store financial identities and credentials, they will become a target for hackers and others,” Palmer added.

As part of his plans to give his business a Web3 twistVodafone is evaluating the use of similar public blockchains Ethereum AND Avalanche as well as private blockchains such as Ripple and Hyperledger. The former, however, seems more interesting to Palmer, especially Layer-2 chains supported on popular parent chains like Ethereum itself.

Overall, Vodafone’s plans to have a pro-Web3 approach towards revamping its operations could end up making its services interoperable with Web2 and Web3. This could result in a large influx of capital into the company’s coffers, giving it a strong position to arrange a large loan of as much as $1.8 billion for its Indian subsidiary – Vodafone Idea. The company reportedly seeks loan to turn around its loss-making operations in India.

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