Vodafone Digital Asset Broker (DAB) has taken a significant step in enhancing global trade efficiency by becoming a node operator on the Chainlink network. This partnership comes after a successful proof-of-concept with Sumitomo, a prominent Japanese trading and investment company, aimed at streamlining the exchange of trade documents across different platforms. The overarching goal of this collaboration is to revolutionize the transfer and processing of financial transactions within the vast $32-trillion global trade ecosystem, according to a statement by Vodafone.
The proof-of-concept leveraged Chainlink’s Cross-Chain Interoperability Protocol (CCIP), demonstrating the capability of Vodafone’s Internet of Things (IoT) devices and blockchain technology to furnish valuable data for smart contracts and AI applications. The potential for a unified interface capable of transmitting data and tokens was highlighted, showcasing the practical applications of this innovative partnership. As an example, the press release cited a scenario in which a ship equipped with IoT devices could autonomously relay data to smart contracts through DAB’s platform and CCIP, potentially initiating a marine cargo insurance process in response to the detection of a cargo fire.
Trade documents, which often exist in both physical and digital formats with limited interoperability, pose unique challenges in the global trade landscape. The collaboration between Vodafone DAB and Sumitomo seeks to bridge these gaps and streamline the often cumbersome document transfer processes.
Vodafone initially introduced DAB in February 2022 and later conducted a successful trial with Mastercard in the UK to assist electric vehicle drivers in finding and paying for the best charging options.
Vodafone’s partnership with Sumitomo, established in May, resulted in the creation of a new entity, with Vodafone holding an 80% stake. DAB, along with its associated intellectual property, contracts, technology, and software, was transferred into this new business venture. The collaboration between the two companies also extended to joint investments in Safaricom Ethiopia.
In August, Vodafone DAB partnered with enterprise blockchain Aventus to enhance supply chain operations within the aviation industry. Chainlink’s CCIP, on the other hand, had its debut on Ethereum’s Arbitrum One layer 2 in September, with the aim of improving scalability. Additionally, CCIP collaborated with the Australia and New Zealand Banking Group to conduct testing of an Australian dollar stablecoin during the same month, underlining its commitment to advancing blockchain and financial technologies.
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