Vodafone Digital Asset Broker (DAB) has joined the Chainlink network as a node operator after completing a proof-of-concept for cross-platform exchange of trade documents with Japanese trading and investment company Sumitomo Corporation.Two companies look to improve file transfer and financial transaction processing in Vodafone’s $32tn global trade ecosystem explain.
The proof of concept uses the Cross-Chain Interoperability Protocol (CCIP) of the oracle network Chainlink. DAB “provides security and interoperability for IoT devices at the edge of the network.” The proof of concept shows the potential of Vodafone IoT devices and blockchain to provide data used in contracts and artificial intelligence applications. The company stated that it would be possible to create an interface to transfer data and tokens:
“For example, a vessel detecting a cargo fire could automatically forward data to a smart contract via the DAB platform and CCIP, potentially triggering the marine cargo insurance process.”
Trade documents present a particular challenge because they may exist on paper or on digital platforms, have low interoperability, and need to change hands repeatedly.
Related: SWIFT partners with Chainlink for cross-chain cryptocurrency transfer project
International telecommunications company Vodafone roll out DAB first trialled an app in the UK with Mastercard in February 2022 to help electric vehicle drivers find and pay for the best charging options.
Vodafone Team up Cooperated with Sumitomo Corporation in May. The two companies formed a new entity, with Vodafone holding an 80% stake. Vodafone will transfer DAB as well as intellectual property, contracts, technology and software into the new business. The two companies also jointly invested in Ethiopian Safaricom.
.@vodafonebusinessa leading telecommunications company in Europe and Africa, with @chainlinklabs About using CCIP for global trade and has officially become #chainring node operator
Connecting the world with blockchain pic.twitter.com/MKDtnLGSSS
— ChainLinkGod.eth (@ChainLinkGod) October 24, 2023
Vodafone DAB partnered with enterprise blockchain Aventus in August to improve aviation supply chains.
CCIP was launched on Ethereum’s Arbitrum One Layer-2 in September to improve scalability. In the same month, it also partnered with Australia and New Zealand Banking Group (ANZ) to test an Australian dollar stablecoin.
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