One of the primary concerns people own got regarding Bitcoin payments is the fact that yous e'er bespeak an Internet connectedness inwards lodge to broadcast transactions to the network. For most of us inwards the western world, this is non a problem. But inwards the areas where Bitcoin could create some expert — similar Africa, together with South America — Internet connectivity is scarce, which creates an issue. bitSIM wants to brand Bitcoin together with blockchain transactions available to anyone anywhere at whatsoever time. bitSIM: H5N1 Brief Introduction
As the lift suggest, bitSIM is a means to pose bitcoins on whatsoever SIM card, regardless of what cellphone yous are using. If successful, this volition assistance inwards gaining critical volume for Bitcoin adoption some the world.
bitSIM is a secure platform that allows developers, next-gen payment providers, together with consumers to leverage the Bitcoin applied scientific discipline on overstep of the existing mobile infrastructure. The possibilities are exactly nearly limitless, ranging from mobile banking to mobile remittance together with infotainment.
Similar to most recent
hardware Bitcoin wallets, bitSIM claims to pose users in accuse of their fiscal wealth. bitSIM users are the entirely people who know their soul keys. But bitSIM hopes to accept things 1 footstep farther past times allowing authentication of digital assets nether their real ain independent SIM token. The service too allows users to choose betwixt diverse safety profiles past times using the Pin Authentication to Cloud-based Services.
In lodge to protect their client base, bitSIM uses a PIN secure hardware token, which is based on Java Card. This applied scientific discipline enables whatsoever Java-based application — such equally mRemittance or mBanking — to run securely on smart cards together with similarly-sized devices. The Java Card nub is widely used inwards SIM together with ATM cards.
bitSIM too uses a bit dedicated SIM communications interface chip running embedded virtual SIM firmware. This particular software allows for innovative mobile solutions, such equally bringing Bitcoin together with blockchain transactions to anyone inwards the world. Furthermore, this method of spreading Bitcoin adoption does non rely on Internet access.
Who is This For?
Technically speaking, bitSIM could live on a “golden egg” for anyone inwards the world. But equally most of our readers volition live on aware of, the
unbanked together with underbanked communities some the basis volition create goodness the most from this initiative. And that demographic is larger than 1 may expect; there are 2 billion unbanked adults together with an fifty-fifty larger number of under-banked adults.
This marketplace position has been dominated past times traditional money remittance service providers such equally Western Union together with others, totaling upward to a US$1 trillion marketplace position opportunity. Bitcoin has the potential to plow nations suffering from poverty into “middle class” societies, only because of the applied scientific discipline that powers the protocol.
One of the facts that is beingness harped on past times a lot of companies trying to guide Bitcoin to the unbanked is that, spell at that topographic point may non live on a decent fiscal infrastructure inwards place, nearly everyone has at to the lowest degree 1 mobile phone. All mobile phones use SIM card, giving bitSIM a large chance to guide Bitcoin to the developing world.
But How Does it Work?
bitSIM volition non replace the actual SIM carte inwards a mobile phone. Instead, bitSIM acts a dual-chip overlay, called ZSIM (zero-footprint SIM). ZSIM sits on overstep of your regular Sim card, turning whatsoever mobile phone, fifty-fifty if it’s 1 of the real kickoff models ever to exist, into a portable Bitcoin wallet. Bitcoin transactions — which are e'er broadcasted through over the Internet — volition live on encrypted inwards a text message.
What create yous intend nearly bitSIM? Comment below!
All images courtesy of bitSIM together with Pixabay
