Vodafone Digital Asset Broker Joins Chainlink Network to Improve Trade Document Processing
Vodafone Digital Asset Broker (DAB) has become a node operator on the Chainlink network after successfully completing a proof-of-concept with Sumitomo, a Japanese trading and investment company. The collaboration aims to enhance the transfer and processing of trade documents in the global trade ecosystem, which is valued at $32 trillion. The proof-of-concept utilized Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to provide security and interoperability for IoT devices at the network’s edge. By leveraging Vodafone’s Internet of Things devices and blockchain technology, data can be utilized in contracts and AI applications. This could potentially lead to the creation of a unified interface for data and token transfers.
Improving Trade Document Challenges
Trade documents pose unique challenges as they may exist in both paper and digital formats with limited interoperability. This makes it necessary for them to change hands multiple times during transactions.
Partnerships and Collaborations
In February 2022, Vodafone launched DAB, which was first used in collaboration with Mastercard to create an app that assists electric vehicle drivers in finding and paying for optimal charging options in the UK. Vodafone also partnered with Sumitomo in May, resulting in the formation of a new entity where Vodafone held an 80% stake. As part of this collaboration, DAB, along with intellectual property, contracts, technology, and software, was transferred into the new business. Additionally, Vodafone and Sumitomo jointly invested in Safaricom Ethiopia.
Expanding Partnerships
In August, Vodafone DAB entered into a partnership with enterprise blockchain Aventus to enhance supply chain processes in aviation. Furthermore, Chainlink’s CCIP was launched on Ethereum’s Arbitrum One layer 2 in September to improve scaling. Chainlink also collaborated with the Australia and New Zealand Banking Group to test an Australian dollar stablecoin during the same month.
Hot Take: Vodafone DAB and Chainlink Collaborate to Revolutionize Global Trade
Vodafone DAB’s integration with Chainlink as a node operator marks a significant milestone in the transformation of global trade. By leveraging Chainlink’s CCIP and Vodafone’s IoT devices, secure and efficient document transfer and financial transaction processing can be achieved. This collaboration has the potential to streamline trade operations, improve data utilization, and enable automation through smart contracts and AI applications. With the aim of creating a unified interface for data and token transfers, Vodafone DAB and Chainlink are poised to drive innovation in the $32 trillion global trade ecosystem.
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