Vodafone DAB Joins Chainlink Following Successful Global Trade Transaction Trial with Sumitomo
Summary:
Vodafone's Digital Asset Broker (DAB) has become a node operator on the Chainlink network following a successful proof-of-concept, aimed at enhancing document transfer and financial transactions within the global trade sector. This venture was carried out in collaboration with Japanese firm Sumitomo. Vodafone initially launched its DAB in February 2022 and has since used it in various scenarios, including a UK trial with Mastercard to optimize electric vehicle charging options, and a partnership with Sumitomo, resulting in a new company and a joint investment in Safaricom Ethiopia.
Vodafone's Digital Asset Broker (DAB) has become a node operator on the Chainlink platform, following a successful proof-of-concept study conducted in partnership with Japan's Sumitomo. The project aimed to enhance the transformation and management of financial transactions and trade documents within the worldwide trade arena, which is currently estimated to be worth $32 trillion, as reported by Vodafone. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) was employed in the successful proof-of-concept exercise, with the aim of enhancing security and interoperability throughout Internet-of-Things (IoT) devices located on the network's edge. The trial showcased how the integration of IoT devices and blockchain technologies via Vodafone could boost the compilation of contract and AI application data. It was suggested that this could give rise to the development of a unified interface enabling seamless data and token transactions.
A crucial challenge faced in this domain lies in the varied forms of trade documents, which may exist either as physical papers or on digital platforms. These documents often have to be passed on through various hands, with low interoperability being a recurring issue. In related news, SWIFT recently announced partnering with Chainlink on a project involving cross-chain crypto transfers.
Vodafone had initially unveiled its DAB in February 2022 and first trialed its use in collaboration with Mastercard, as part of a UK initiative aimed at offering electric vehicle users the best possible charging options. The telecommunications giant entered into a partnership with Sumitomo in May, resulting in the creation of a new corporate entity, in which Vodafone retained an 80% share.
Subsequently, Vodafone transferred its DAB along with intellectual property, technology, software, and contracts into the new business. The two companies also made a joint investment in Safaricom Ethiopia. In August, Vodafone's DAB joined forces with Aventus, a company specializing in enterprise blockchains, in an effort to optimize the aviation supply chain.
In September, CCIP debuted on Arbitrum One, Ethereum’s layer-2, to enhance scalability. The same month, it worked with the Australia and New Zealand Banking Group (ANZ) to pilot an Australian dollar stablecoin.
Published At
10/24/2023 8:26:49 PM
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