China Telecom and Conflux have joined forces to launch a blockchain-enabled SIM card, dubbed \u201cBSIM,\u201d the companies said in a statement today. The goal of the product is to lower \u201cthe barriers to entry for Web3 and the Metaverse.\u201d<\/p>\n
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 \u201cthe largest blockchain hardware product ever seen globally,\u201d Conflux said in the release.<\/p>\n
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.<\/p>\n
\u201cBSIM will dramatically lower the barrier to entry to Web3 for China Telecom\u2019s 390+ million mobile phone subscribers, while making transactions faster and more secure. By making telecom users\u2019 personal digital assets more secure, the goal is to make mobile phones more secure.\u201d<\/p>\n
\u2013 Conflux Network wrote in the press release. <\/cite><\/p>\n 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\u2019 private keys, which is viewed as a safe and convenient Web3 entry solution.<\/p>\n The release explains that the product will manage and store users\u2019 public and private keys in the card and execute digital signatures \u201cin a way that the private key does not exit the card.\u201d It also enables encrypted storage and key retrieval, among other features.<\/p>\n 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.<\/p>\n 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.<\/p>\n Meanwhile, China\u2019s 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\u2019s banking giant DBS.<\/p>\n This article originally appeared on The Tokenist<\/i><\/p>\n Sponsored: Tips for Investing<\/b><\/p>\n A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.<\/p>\n Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses,\tconsider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.<\/p>\nHow is BSIM Different from Traditional SIM Cards?<\/h3>\n