Vodafone Digital Asset Broker (DAB) platform and Sumitomo have officially joined forces with Chainlink to enhance the exchange of trade documents across platforms. This collaboration, initiated in May, aims to streamline document transfer and financial transactions within the expansive $32-trillion global trade ecosystem.
Pioneering Proof-of-Concept with Chainlink’s CCIP
The proof-of-concept, leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP), marks a significant milestone in the integration of Vodafone’s Digital Asset Broker as a node operator on the Chainlink network.
Through CCIP, DAB ensures security and interoperability across Internet of Things (IoT) devices at the network’s edge. This development showcases the potential for Vodafone’s IoT devices and blockchains to provide crucial data for contracts and AI applications.
Illustrating the practical applications of this collaboration, the proof-of-concept envisions a seamless process where a vessel detecting a cargo fire autonomously relays data to smart contracts via DAB’s platform and CCIP. This automated process could potentially trigger a marine cargo insurance process, exemplifying the efficiency gains achievable through this innovative partnership.
Tackling Trade Document Challenges
Trade documents, known for their complex nature and varied existence on paper or digital platforms, pose a unique challenge. This collaboration addresses the need for improved interoperability and efficient transfer mechanisms within the global trade landscape.
Vodafone introduced the Digital Asset Broker in February 2022, making its first mark in the UK through a trial with Mastercard. The trial involved an app designed to assist electric vehicle drivers in locating and paying for optimal charging options.
Strategic Alliances for a Global Impact
In a strategic move, Vodafone joined forces with Sumitomo in May, leading to the formation of a new entity where Vodafone holds an 80% stake. This collaboration involved the transfer of DAB, along with intellectual property, contracts, technology, and software, into the new business. Additionally, the joint investment in Safaricom Ethiopia underlines the commitment to fostering innovation on a global scale.
In August, Vodafone DAB expanded its partnership horizon by joining forces with enterprise blockchain Aventus. The aim is to revolutionize the aviation supply chain, bringing efficiency and transparency to the forefront.
CCIP’s Continued Advancements
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) made waves in September with its launch on Ethereum’s Arbitrum One layer 2, enhancing scalability. Simultaneously, CCIP collaborated with the Australia and New Zealand Banking Group to test an Australian dollar stablecoin, showcasing the protocol’s versatility and adaptability.