Vodafone, a telecommunications provider based in the United Kingdom, has set its sights on integrating blockchain technology and cryptocurrency wallets with smartphone users’ subscriber identity module (SIM) cards.
This ambitious endeavor comes at a time when Vodafone Idea, a separate entity operating in India in which Vodafone Group holds a 45% stake, is reportedly taking on a significant amount of debt. This includes $3 billion, with $1.8 billion in loans expected 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 incorporate 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 the number of crypto wallets, estimating it to reach 5.6 billion within the same timeframe. This would account for nearly 70 percent of the global population.
Despite the financial challenges faced by Vodafone Idea, including the recent sale of $2.2 billion worth of shares ahead of a reported $3 billion debt-raising plan, Vodafone Group has had a busy year in 2024. As previously reported by Cointelegraph, the company entered into a 10-year strategic partnership with Microsoft to bring generative artificial intelligence (AI) services to its customers. Microsoft CEO Satya Nadella highlighted the disruptive nature of his company’s AI technologies, expressing that the “new generation of AI will unlock massive new opportunities for every organization and industry worldwide.”
Vodafone’s endeavor to integrate blockchain hardware with cell phone technology is not a new concept. In 2019, U.S. startup VaultTel announced its plans to create a physical wallet that could be inserted into a smartphone’s SIM slot.
In related news, Vodafone recently auctioned off the world’s first SMS “Merry Christmas” as a non-fungible token (NFT) for charity.