Hi there,
So I 'm not certain I understand what you mean here. You want to load a Blinky sketch for example sake from the SD card on a WioTerminal and run it. Is that the intension ?
if so NO.
it would be a form of OTA but using the SD. AFAIK only the Nrf53 Series Chips allow such Flash memory tricks. To Update firmware from a flash upload. They use “SLOTS”
HTH
GL 
PJ 
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