The blockchain industry has expanded to a new market thanks to the recent partnership of Conflux Network with China Telecom. This comes as a surprise to many in the crypto industry, as China banned cryptocurrencies and crypto transactions in the country back in 2021.
Despite this, the country sees the potential in blockchain tech, with China launching a national blockchain research center that aims to train 500,000 blockchain professionals.
These recent developments in the crypto industry pushed Conflux native token, CFX, against the general market decline. According to CoinGecko, the token is up 15% since last week, with a whopping 261% increase year to date.
Source: Coingecko
With this strong merger in blockchain and SIM card technology, we might see more adoption of blockchain tech in SIM cards in the future.
Today in Shanghai, China Telecom and #Conflux unveiled our Blockchain SIM (BSIM) card.
The result of a joint development effort, the #BSIM card is set to revolutionize the way we think about blockchain and telecommunications.
Here’s what you need to know… 🧵 pic.twitter.com/7o5XvYmePA
— Conflux Network Official (@Conflux_Network) May 16, 2023
Blockchain And SIM Tech: A Perfect Pair
Named BSIM – which stands for “blockchain sim”– Conflux claims that it packs 10-20 times more storage and processing power than the standard SIM in the same form factor.
The most important feature of this, however, is its full compatibility with Android and IOS. It also reduces the risk of attacks targeting mobile infrastructure.
The test was conducted with Ming Wu, the CTO and co-founder of Conflux, sending a commemorative NFT using the ecosystem’s BSIM account to China Telecom’s account.
This mix of blockchain and SIM technology might be the next step for the widespread adoption of blockchain-based industries and technology.
The BSIM card is a game-changing mobile ID card built on blockchain.
It looks like a standard SIM, but packs 10-20x the storage and several dozen times more processing power.
And it’s fully compatible with Android and iOS!
— Conflux Network Official (@Conflux_Network) May 16, 2023
With Android being the biggest mobile operating system in the world with 2.5 billion users, the adoption of BSIM tech will elevate the adoption of crypto or blockchain-based technologies as real-life use cases are implemented. It will also transform the security of mobile phone infrastructure.
However, the question of how these BSIMs will be regulated still lingers. With some countries enforcing SIM registration laws, these nations will be forced to have some sort of monitoring system for data going back and forth between BSIMs.
Despite this fairly advanced question, a pilot test in Hong Kong will occur before being introduced to mainland China and overseas locations.
CFX total market cap at $866 million on the daily chart at TradingView.com
At $0.3011, Long Term For Conflux Looks Bright
With the launch of the BSIM in the background, the long-term prospect of the token is bright despite following the current market sentiment.
At the moment, the bulls failed to flip $0.3128 to support, pushing the price toward $0.2847 in the short to medium term.
Investors and traders should then monitor the market for any signs of bullishness as this will affect CFX’s performance in the long run. This will enable CFX to target $0.3671 within the coming days.
-Featured image from CrypS.pl