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The blockchain industry has entered a new market with the recent partnership of Conflux Network with China Telecom. This came as a surprise to many in the cryptocurrency industry as China banned cryptocurrencies and cryptocurrency transactions in the country as early as 2021.
Despite this, the country sees potential in blockchain technology as China launches a national blockchain research center that aims to train 500,000 blockchain professionals.
These recent developments in the cryptocurrency industry have pushed Conflux’s native token, CFX, into an overall market downturn. According to CoinGecko, the token is up 15% from last week, with a whopping 261% year-to-date increase.
Source: Koingeco
With this strong confluence of blockchain technology and SIM cards, we may see more widespread adoption of blockchain technology 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 technology: the perfect match
Dubbed BSIM, which stands for Blockchain Simulator, Conflux claims to have 10 to 20 times more processing power than a standard SIM card in the same form factor.
However, the most important feature of this is its full compatibility with Android and IOS. It also reduces the risk of attacks on the mobile infrastructure.
The test was conducted with Ming Wu, CTO and co-founder of Conflux, who sent a commemorative NFT using an ecosystem BSIM account to a China Telecom account.
This combination of blockchain technology and SIM card could be the next step towards the widespread adoption of blockchain-based industries and technologies.
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
Since Android is the largest mobile operating system in the world with 2.5 billion users, the introduction of BSIM technology will increase the adoption of crypto- or blockchain-based technologies as real use cases unfold. It will also change the security of the mobile phone infrastructure.
However, how these BSIMs will be regulated is still an open question. Since some countries have SIM card registration laws, these countries will be forced to have some sort of monitoring system for the data transferred between BSIMs.
Despite this rather complicated issue, there will be pilot testing in Hong Kong before it is introduced to mainland China and abroad.
The total market capitalization of CFX is $866 million on the daily chart of TradingView.com.
At $0.3011, the long-term outlook for Conflux looks bright
With the launch of BSIM in the background, the long-term outlook for the token is bright despite following the current market sentiment.
For now, the bulls have failed to turn $0.3128 towards support, pushing the price towards $0.2847 in the short to medium term.
Investors and traders should then monitor the market for any signs of optimism as this will impact CFX results in the long term. This will allow CFX to hit the $0.3671 target in the coming days.
– Featured image from CrypS.pl
