According to an announcement, Vodafone’s Digital Asset Broker (DAB) has demonstrated blockchain can be used for trade.
In partnership with Chainlink Labs and other partners, Vodafone’s Digital Asset Broker (DAB) has presented a proof of concept that addresses the intricacies of the $32 trillion global trade environment.
In order to solve inefficiencies in the $32 trillion global trade industry, Vodafone’s DAB has teamed up with Sumitomo Corporation, Chainlink Labs, and InnoWave to present a proof of concept for enhancing trade document exchange across various platforms and blockchains.
The presentation illustrated how important trade documents may be easily exchanged between different platforms and blockchains—a procedure that is sometimes impeded by disparate and incompatible technologies.
The partnership improved security and interoperability amongst Internet of Things devices and networks through the use of DAB and Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
This integration aims to offer a single interface for safe data and token exchange between IoT and blockchain networks. An example of how this technology could be used practically was provided by a scenario in which, in the case of a cargo fire, a ship could send data to smart contracts on its own and start the marine cargo insurance procedure.
This demonstrates how DAB-enabled IoT devices and blockchains may provide secure and traceable data for smart contracts and blockchain applications.
The businesses also looked into applications for international trade utilizing DAB’s Economy of Things (EoT) platform. Thanks to the platform, devices can supply reliable data for trade procedures and financial transactions independently.
A digital bill of lading that was easily transmitted between several parties across various blockchains was displayed at the SmartCon 2023 conference in Barcelona, highlighting the potential to shorten cargo movement delays.
Vodafone DAB CEO Jorge Bento stressed the importance of connecting traditional markets with decentralized platforms to enable safe data and service transfers throughout the global commerce ecosystem.
In order to facilitate safe data sharing and processing for smart contracts, Vodafone DAB recently partnered with Chainlink Labs as a node operator in their decentralized computing platform.
With an estimated 3 billion devices predicted to transact in the economy of things by 2030, David Palmer, Chief Product Officer of Vodafone DAB, underlined the possibility of new revenue opportunities for IoT devices.
Thomas Trepanier, Head of Capital Markets at Chainlink Labs, discussed the importance of incorporating a reliable infrastructure supplier like Vodafone DAB into the Chainlink Network to improve off-chain data and computation security and dependability.
