This collaboration would facilitate a seamless and secure data and service exchange across the global trade ecosystem.
Vodafone, Chainlink, Sumitomo, and InnoWave have teamed up to revolutionize the global trade process, using blockchain technology. The companies demonstrated a proof of concept (PoC) with Web3 services at the SmartCon 2023 conference in Barcelona, Spain.
Nature of the Proof of Concept
Per the announcement, the PoC used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to aid the transfer of the trade documents. Additionally, Vodafone’s Digital Asset Broker (DAB) provided security and interoperability across IoT devices at the edge of the network.
The PoC allowed Vodafone’s IoT devices to act autonomously and produce information to support trade processes. As an example, the announcement noted that cargo vessels detecting a fire could relay data to smart contracts autonomously via DAB’s platform and CCIP, which could trigger a marine cargo insurance process.
Jorge Bento, CEO of Vodafone DAB, said:
“Vodafone DAB and Chainlink are showing how their platforms can be combined to bridge traditional markets with advanced decentralized platforms.”
Also, Bento believes the collaboration would facilitate a seamless and secure data and service exchange across the global trade ecosystem.
Vodafone DBA Steps in as Node Operator
Meanwhile, the telecom giant launched DAB in February 2022. Its first trial partnered with Mastercard to help electric vehicle drivers find and pay for the best charging options. Thereafter, Vodafone collaborated with Sumitomo in May. Simultaneously, it transferred DAB into a new business venture.
In August, Vodafone DAB partnered with Aventus to improve the supply chain in aviation. Now, Vodafone DAB is joining the Chainlink network as a node operator. In this capacity, Vodafone DAB will secure and streamline data exchange and computation. This will help enterprises and businesses create and deploy smart contracts that will bypass the longstanding challenges of the $32 trillion global trade ecosystem.
According to Thomas Trepanier, Head of Capital Markets, Chainlink Labs, “Onboarding Vodafone DAB to the Chainlink Networks’ node operator ecosystem helps bring more secure off-chain data and computation to the Chainlink Network.”
While this may be an isolated event by the telecom giant, it underscores a broader market sentiment – that more companies in the telecommunications and technology sector are recognizing and leveraging the potential of blockchain technology.
An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
