China Telecom has collaborated with blockchain protocol Conflux Network to pilot blockchain-enabled SIM (BSIM) cards in Hong Kong later this year, as per a tweet posted on 15 February.
China Telecom is the country’s second-largest wireless carrier and has amassed over 390 million mobile subscribers. While Conflux is the only regulatory-compliant public blockchain in China, whose purpose is to connect decentralised economies across borders.
Based on blockchain technologies, the BSIM card is designed to lower the barriers for users entering Web3 and Metaverse, and make it possible for mobile phones to perform with “a safer, more efficient, and more compliant access” to the virtual world.
A BSIM card has a secure place to store and manage users’ private and public keys with encrypted storage and key retrieval also allowed. Users can conduct digital transactions, transfer NFTs to friends and display assets across different applications on their mobile devices.
During the transaction process, digital signatures are needed to ensure all the user information is correct. The BSIM card is currently undergoing internal testing and is connected to the main site of Conflux, now that the research and development projects are complete.
According to CoinMarketCap, a crypto trade website, the Conflux native token witnessed a surge of 42.6% to 0.076 USD per share, with the market capitalisation totalling 157 million USD in just over 24 hours following the partnership announcement. Conflux is reported to be registering its company in Hong Kong to foster growth in the sector and make this region the world’s Web3 hub.
In the upcoming future, BSIM cards are set to bridge the real and virtual worlds, initiating more diversified and safer digital activities such as payment, gaming and social networking. It seems the BSIM card project is ushering in a more attainable Metaverse era, and aims to “make the digital future accessible for all” as per the advertisement video by Conflux Network.