- David Palmer underscored the importance of leveraging SIM card technology for blockchain integration.
- Existing Reports show that 8 billion mobile devices will be in use by 2030.
- Digital wallets on mobile phones will surge to 5.6 billion by 2030.
Vodafone Blockchain Lead and PairPoint CPO David Palmer has emphasized the pivotal role of mobile phones as the primary gateway to digital applications and commerce. In a recent interview, Palmer underscored the importance of leveraging SIM card technology for blockchain integration.
Discussing with Brian McGleenon, a renowned finance journalist, Palmer highlighted the sheer scale of mobile phone usage, citing a report predicting that 8 billion devices will be in use by 2030. He forecasted a mass adoption of blockchain-based digital wallets on mobile phones, predicting a surge to 5.6 billion wallets by 2030.
According to Palmer, the mobile phone is the touchpoint between people and accessing applications and doing business. With SIM cards as the soul of mobile phones, Palmer highlighted that his company is focusing on linking SIM cards to digital identity and blockchains. The PairPoint CPO noted that his organization will use cryptography in the SIM cards for the planned integration.
Emphasizing the anticipated surge in digital wallets, Palmer identified the innovation as the gateway between people and financial services. He considers such wallets as tools to hold digital identity and other credentials. Hence, his company plans to link the wallets to SIM cards with the hardware needed for future transactional models.
In his view, Palmer believes the long-term pathway for the proposed innovation is to use public blockchains. He acknowledged that recent blockchain developments like Layer 2 protocols and the Ethereum fork are bringing about faster blockchains. However, he cited regulations in financial services as a factor that could prevent the use of public blockchains.
For integration solutions, Palmer noted that PaiPoint provides a collaborative structure enabling big enterprises to use public blockchains by linking to PairPoint’s chain. That way, they can execute the Smart Contract, utilizing the private blockchain.
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