UK-based mobile network operator World Mobile has entered a partnership with decentralized artificial intelligence (AI) marketplace, SingularityNET to bring blockchain-based loans to users.
The partnership will allow the two to develop credit ratings for a lending program that uses blockchain technology. It will also afford Word Mobile the opportunity to expand to new territories.
In addition, World Mobile will also upgrade its customer service by using AI technology to answer clients’ generic questions. Describing the partnership, World Mobile’s CEO, Micky Watkins said it demonstrates the company’s commitment to using cutting edge technology to solve real world problems.
“We are proud to partner with SingularityNet on the integration of AI technology for customer support and introducing blockchain-based data loans. This strategic partnership reflects our shared commitment of delivering cutting-edge innovations to solve real world problems,” Watkins said.
With AI-driven assistance, decentralized identifiers, and secure blockchain transactions, we are empowering users with seamless experiences and unlocking new possibilities in the mobile industry,” he added.
The concept of blockchain–based loans is becoming increasingly popular. This is seen in cryptocurrency lending in which smart contracts are used to spell out the conditions for obtaining loans, to ensure a smooth lending and borrowing experience.
Also speaking about the partnership, SingularityNET Chief Operations Officer (COO) Janet Adams said the partnership is a key step towards realizing SingularityNET’s vision of democratizing technology and wealth.
“SingularityNET was founded with a vision to democratize access to technology and wealth. This partnership is a key component of this journey – it will allow us to get vital funds to those the traditional financial system has previously excluded. We look forward to collaborating more closely with World Mobile to pioneer a fairer, decentralized future.”
A gradual process
World Mobile will implement its new service in three phases in partnership with SingularityNET. First, the company will be provisioning their current user base credit to determine who’s eligible for more loans after successfully paying back the first loans.
Next, more loans will be made available to customers with a good payment history, and lastly, the service will be expanded to cater to global users that are underserved by traditional financial institutions.
World Mobile’s past activities
World Mobile was created to connect everyone, everywhere while advocating for economic freedom and dignity. What sets it apart from other mobile networks is the fact that it is based on blockchain technology itself, and incentivizes people to be part of a sharing economy that taps into the trillion dollar global telecom market.
The company owns a crypto token, World Mobile Tokens (WMT) which it bought back from the open market in June to distribute rewards to some of its users. This was in a bid to advance the growth of its sharing economy.
“By repurchasing World Mobile Tokens (WMT) from the open market, we aim to build a sustainable sharing economy for all our participants,” CEO Watkins said concerning the buyback at the time.
We believe that by executing on our business model and initiating buybacks from real-world revenue is a large step towards mass adoption and strengthens the overall stability and utility of the World Mobile ecosystem,” he concluded.
The company also expanded to Africa in June, completing DeWi technology field tests in Kenya, Mozambique and Nigeria, as part of efforts towards a full African rollout in the near future.
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