Vodafone, in collaboration with Sumitomo, has embarked on a major venture to explore the utility of blockchain and Chainlink technology to improve the global exchange of trade documents. The Vodafone Digital Asset Broker (DAB) platform is now part of the Chainlink network as a node operator after successfully completing a proof of concept.
The primary goal of this partnership is to simplify and improve the transmission and processing of trade documents for financial transactions in the $32 trillion global trade ecosystem. Using Chainlink Interoperability Protocol (CCIP), Vodafone’s DAB platform aims to provide improved security and interoperability between IoT (Internet of Things) devices located at the edge of the network.
The proof of concept not only demonstrated the potential of Vodafone IoT devices and blockchain technology, but also demonstrated how these innovations can provide valuable data for use in smart contracts and various artificial intelligence applications.
Vodafone initially introduced Digital Asset Broker (DAB) in February 2022 and it was initially piloted in partnership with Mastercard in the United Kingdom. The trial focused on developing an app designed to help electric vehicle drivers find and pay for optimal charging options.
Vodafone and Sumitomo entered into a partnership in May, creating a new entity in which Vodafone holds an 80% stake. The transfer of DAB, along with intellectual property, contracts, technology and software, took place as part of this new venture. In addition, the two companies made a joint investment in Safaricom Ethiopia.
Vodafone DAB continued its collaboration efforts by teaming up with enterprise blockchain Aventus in August with the common goal of improving aviation supply chain processes.
The Cross-Chain Interoperability Protocol (CCIP) debuted on Ethereum’s Arbitrum One Layer 2 platform in September with the aim of improving scalability. In the same month, CCIP also partnered with the Australian and New Zealand Banking Group to conduct tests using the Australian dollar stablecoin.