- Vodafone DAB showcases a proof of concept with Chainlink Labs.
- Together the collaboration offers blockchain-powered global trade transformation.
- This enables secure data exchange and seamless document transfers in trading.
Vodafone’s Digital Asset Broker (DAB) has unveils a groundbreaking proof of concept, in collaboration with Sumitomo Corporation, Chainlink Labs, and InnoWave. Together this collaboration is addressing long-standing challenges within the global trade ecosystem, estimated at a value of $32 trillion.
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The project focused on streamlining the exchange of crucial trade documents, a process often hindered by a fragmented system involving multiple inefficient or unreliable platforms. The demonstration showcased the potential for DAB-enabled IoT devices and blockchains to provide secure and traceable data for use in smart contracts and blockchain applications.
By employing Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the project aims to create a unified interface, enabling applications to securely exchange data and tokens across various blockchain networks and IoT devices.
For example, in the event of a cargo fire, a vessel equipped with IoT devices could relay data to smart contracts via DAB’s platform and CCIP, potentially initiating a marine cargo insurance process.
At the SmartCon 2023 conference in Barcelona, the companies demonstrated how digital bills of lading could be transferred seamlessly between multiple parties across different blockchains, reducing delays associated with cargo transportation, where bills of lading often pass through several organizations.
Jorge Bento, CEO of Vodafone DAB, states, “Vodafone DAB and Chainlink are demonstrating how their platforms bridge traditional markets with decentralized ones, enabling seamless and secure data and service exchanges across the global trade ecosystem.”
Vodafone DAB’s collaboration with Chainlink Labs positions it as a node operator in the Chainlink Network. By connecting smart contracts with off-chain events and data, this integration plays a critical role in streamlining data exchange and computation, contributing to the growth of the IoT and blockchain integration.
The successful partnership between Vodafone DAB and Chainlink Labs reflects the growing potential of combining IoT and blockchain technologies. With the economy of things predicted to involve 3 billion IoT devices by 2030, securing consensus and validation between DAB and Chainlink is pivotal to driving this expansion.
Thomas Trepanier, Head of Capital Markets at Chainlink Labs, emphasized the importance of Vodafone DAB’s role in bringing secure off-chain data and computation to the Chainlink Network, bolstering the wider blockchain economy.
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