Bitcoin has always been perpetrated as a currency for people who do not have the facility of sophisticated banking systems like parts of Africa and South America. Since Bitcoin always needs an active internet connection to broadcast transactions, it is defeating its own purpose for these countries where internet may not be so readily available. BitSIM is here to make the Bitcoin and Blockchain technology available to everyone and at anytime, without being dependent on internet.
What is BitSIM?
The name itself is quite self explanatory. BitSIM allows you to put bitcoins in any SIM card, regardless of the handset you use. If this technology becomes successful, it has been speculated to become the critical mass of mainstream adoption across the world.
BitSIM provides a secure platform to the consumers, developers and next-gen payment processors to use the bitcoin technology through the existing mobile infrastructure. There are endless possibilities what this technology can bring to the table in terms of infotainment, mobile banking and mobile remittance.
The users of bitSIM will have full control over their private keys and they are also planning to add another layer of authentication to all their digital assets to make this more secure. The users can choose from variety of security profiles that include cloud services to pin authentication. BitSIM uses Pin Secure hardware token to protect its consumers from any fraudulent activity. This token is based on Java card. This makes other Java based technologies like mRemittance or mBanking to rule securely on any mobile device.
Who can use this?
While BitSIM can be used by anyone, but the ones who will benefit the most are the under-banked or un-banked areas. There is a huge population out there who does not have a bank account and even more who do not have adequate banking facilities. This technology will serve them perfectly.
Bitcoin aims to help all the communities that are suffering from the lack of proper banking facilities and believes that it will be able to propel these communities into middle class societies by making it available to them. Since almost all the people these days use a mobile phone, with decent banking infrastructure in place, the creators of this technology have a huge market potential out there. With BitSIM they can take the banking to the developing part of the world.
How does this technology work?
BitSIM will not replace your existing SIM card but will provide a dual-chip overlay, also known as Zero Footprint SIM (ZSIM). ZSIM will be placed on top of your SIM card and can turn even the most basic handset into a mobile Bitcoin wallet. Bitcoin transactions will be encrypted into a text message and would not require an internet connection.
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