invezz.com
The price of Conflux (CFX/USD) is soaring after Conflux Network today announced a partnership with China Telecom (NYSE: CHA) to introduce Blockchain SIM (BSIM) cards. The product intends to loop in most web3 users and applications.
Following the partnership, China Telecom intends to launch the first pilot program for the BSIM program in Hong Kong later this year. This will likely be followed by pilot programs in several mainland China areas like Shanghai.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Lowering the barrier to Web3 entry
The proposed BSIM cards will make it increasingly easy for China Telecom’s 390+ million mobile subscribers to enter web3. It will also make transactions safer and more secure mainly since it will be using blockchain technology.
Besides using the hardware security advantages of SIM cards, the BSIM cards integrate Conflux’s Tree-graph, dual proof of stake (PoS) and proof of work (PoW) technology, which will enable increased system performance.
While the BSIM is visually similar to the normal SIM cards, its storage space is 10 to 20 times larger while the computing power is tens of times higher. In addition, BSIM users will also be able to store and transfer digital assets safely and conveniently and also display their asset balances in a variety of applications on their phones.
Interestingly, the BSIM cards will store and manage users’ private and public keys. Digital signatures will also be done in a manner that the private key does not leave the card.
In essence, digital signatures and transfer of assets will rely on a built-in Bluetooth module that ensures the security of the stored digital assets.
Continued Conflux and China Telecom engagements
Today’s announcement follows an initial agreement between Conflux Network and China Telecom that was signed in 2022 to allow engagement in building hardware products geared towards the metaverse.
The research and development of the BSIM card are already complete and the card has also been successfully connected with Conflux’s main network test environment.