Following the conclusion of a proof-of-concept for the cross-platform exchange of trade documents with the Japanese trading and investment corporation Sumitomo, Vodafone Digital Asset Broker (DAB) has become a node operator on the Chainlink network. According to Vodafone, the corporations want to enhance the flow of documents and the handling of financial transactions in the $32 trillion global commerce ecosystem.
The Cross-Chain Interoperability Protocol (CCIP) of the Oracle network Chainlink was utilized in the proof-of-concept. At the network’s edge, DAB “provided security and interoperability across IoT devices.” The proof-of-concept demonstrated how blockchain technology and Vodafone Internet of Things devices might supply data for AI and contract applications. To transfer data and tokens, a single interface may be developed.
“For example, a vessel detecting a cargo fire could autonomously relay data to smart contracts via DAB’s platform and CCIP, potentially triggering a marine cargo insurance process.”
Vodafone Digital Asset Broker
Trade papers provide a unique set of difficulties since they frequently need to change hands and may reside on paper or digital platforms with poor interoperability.
To enable drivers of electric vehicles to identify and pay for the best charging possibilities, international telecoms firm Vodafone introduced DAB in February 2022 and first utilized it with Mastercard in a pilot in the United Kingdom.
In May, Vodafone and Sumitomo joined forces. Vodafone possessed 80% of the newly created company, which the firms founded. DAB, together with contracts, technology, software, and intellectual property, were handed by Vodafone to the new company. Additionally, the two businesses contributed to Safaricom Ethiopia together.
To strengthen the aviation supply chain, Vodafone DAB and business blockchain company Aventus teamed up in August.
To improve scaling, CCIP was introduced in September on Ethereum’s Arbitrum One layer 2. During the same month, it collaborated with the Australia and New Zealand Banking Group to test an Australian dollar stablecoin.
Image: Wikimedia Commons
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