China Telecom and Conflux have joined forces to launch a blockchain-enabled SIM card, dubbed “BSIM,” the companies said in a statement today. The goal of the product is to lower “the barriers to entry for Web3 and the Metaverse.”
Hong Kong to Host the First BSIM Pilot Program
China Telecom has teamed up with blockchain protocol Conflux Network to launch blockchain-enabled SIM cards known as BSIM, according to a Wednesday press release. The SIM cards will be “the largest blockchain hardware product ever seen globally,” Conflux said in the release.
China Telecom, the second-largest telecom operator in China with over 390 million subscribers, is expected to roll out the first BSIM pilot program in Hong Kong later in 2023. The carrier is then expected to follow up with additional pilots in major mainland China locations such as Shanghai.
“BSIM will dramatically lower the barrier to entry to Web3 for China Telecom’s 390+ million mobile phone subscribers, while making transactions faster and more secure. By making telecom users’ personal digital assets more secure, the goal is to make mobile phones more secure.”
– Conflux Network wrote in the press release.
How is BSIM Different from Traditional SIM Cards?
Conflux said the BSIM card integrates its Tree-graph, dual proof of stake (PoS), and proof of work (PoW) technology, enabling optimal system performance for any blockchain. Through the use of hardware security benefits of SIM cards, BSIM offers improved protection of users’ private keys, which is viewed as a safe and convenient Web3 entry solution.
The release explains that the product will manage and store users’ public and private keys in the card and execute digital signatures “in a way that the private key does not exit the card.” It also enables encrypted storage and key retrieval, among other features.
While the BSIM card is physically no different from a traditional SIM card, it offers numerous significant advantages, such as 10-20 times larger storage space and substantially higher computing power. Further, it allows users to safely store and transfer digital assets and display them in multiple applications.
While crypto remains banned there, China and Chinese companies have been actively betting on Web3 and the metaverse in recent years. Last year, Beijing released a document outlining plans to develop a $7.5 billion virtual human industry in the following three years using Web3 technology.
Meanwhile, China’s special territory Hong Kong has been trying to restore its financial and crypto hub status following years of turmoil. The city unveiled plans to legalize crypto trading in 2023, attracting interest from traditional institutions such as Singapore’s banking giant DBS.
This article originally appeared on The Tokenist
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