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China Mobile develops theft-proof currency system 

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China Mobile, the largest telecommunications company in China, has announced that it has submitted a patent request for an advanced and theft-proof virtual currency management system. 

Through this new system, virtual currency users can be protected from the risk of hot-wallet keys theft which, of course, would lead to funding theft as well. 

The advanced system separates the “hot-wallet server” from interacting directly with a public data server, which prevents unauthorized access to the wallet. 

Patent submission

As early as December 30, 2019, China Mobile has already filed a patent for its anti-theft digital currency system. 

In April this year, the telecom giant has partnered with the Commercial Bank of China to launch a digital yuan hard wallet and a SIM card with near-field communication functionality. 

China Mobile has also participated in the government’s big project of developing the country’s first digital currency. 

China Mobile, a closer look

Being the largest telecom company in the country, China Mobile has a commanding 60% share of China’s mobile phone market. China Mobile is a core unit of state-owned China Mobile Communications Corp. 

The company also has the most number of subscribers, not just in China, but also in the world. 

Since it is owned by the Chinese government, China Mobile’s business decisions are in line with the government’s plan in the country’s telecom sector. 

Even with its giant market share, the company is facing a serious problem of market saturation, a time where a demand for a product or a service has reached its peak, which could hinder the company’s growth. 

That is why China Mobile is expanding overseas to find new markets and remain a profitable company. 

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/china-mobile-develops-theft-proof-currency-system/

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