A whitepaper
published by China Telecom reveals the state-owned firm’s plans for a new way to store digital assets in the 5G era, according to Sina News. Unlike other existing products, the blockchain-based wallet will store private keys on a phone’s SIM card. China Telecom claims ERC20 and other Ethereum-based tokens will be supported.
The firm hopes to use blockchain to combine the user’s identity and private key on the phone’s SIM card. When the user transfers digital assets, for instance, a smart contract is executed to verify their identity and authorize the transaction. Using biometrics, such as facial recognition and fingerprints, only the correct user is authenticated.
China Telecom’s whitepaper, “Blockchain Smart Phones in the 5G Times”, was released on the 27th of August. It outlines how the advent of 5G “should allow more people to enjoy the right to obtain high-security and high-performance mobile phones.” In particular, blockchain-enabled smartphones.
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