China Telecom, the second largest state-owned wireless operator in China, has announced a partnership with Conflux Network to launch a BSIM pilot program by the end of this year. Conflux Network is a project funded by the Shanghai government, and the BSIM project aims to become the largest hardware blockchain product in the world.
BSIM Card Features
According to Conflux developers, the BSIM card will store and manage the user’s public and private keys, allowing the secure use of digital signatures without disclosing them. Additionally, it will enable payment transactions, NFTs, decentralized applications, and access to meta-universes. This blockchain-enabled SIM card is expected to unite a huge number of users and applications.
CFX Token Surges Following Partnership Announcement
The partnership between China Telecom and Conflux Network has resulted in the development and release of blockchain-enabled SIM cards, which has caused a surge in the CFX native token. Following the announcement, the token grew by more than 42% overnight. According to CoinGecko, the token is currently trading at $0.07, and its market capitalization is $154 million, with a daily trading volume of $104 million.
Conflux Network and its Investors
Conflux Network is a high-performance first-tier blockchain that was created as a competitor to Ethereum. The project received support from Chinese government agencies and large private investors, including Sequoia China, Huobi Group, Shunwei Capital, and Rong360.
Chinese Government Collects Private Information
There is information that the Chinese government collects private information about users of Xiaomi, OnePlus, and Oppo Realme smartphones. During the network analysis of the phones, researchers refused to send personal data in all the proposed transactions. However, the smartphones still collected and sent information, including phone numbers and device identifiers (IMEI and MAC addresses), geolocation data, and “social connections” data. Given the close ties between China’s private industry and the government, the researchers emphasized that the collection of sensitive information could open up a range of broader issues.
Implications of the Blockchain-Enabled SIM Card
The launch of a blockchain-based SIM card will increase the possibilities for control. However, it is important to note that this development could also potentially offer increased security and privacy for users. The BSIM card has the potential to change the way users interact with their devices and applications, and it will be interesting to see how this technology is implemented and received by the public.
The partnership between China Telecom and Conflux Network to develop and release blockchain-enabled SIM cards is an exciting development in the world of blockchain technology. The BSIM card has the potential to revolutionize the way users interact with their devices and applications, and it will be interesting to see how this technology develops in the coming years.