Chainlink Brings Blockchain to Vodafone and Sumitomo
Digital Asset Broker (DAB) is a service provided by Vodafone in partnership with Sumitomo Corporation, Chainlink Labs, and InnoWave.
Managing the complex maze that is the global commerce ecosystem, a $32 trillion enterprise, is no easy feat. The word “Vodafone” has begun to resound with increased importance within this immense financial tangle.
In an effort to bring order to the chaos that surrounds international trade paperwork, Vodafone’s Digital Asset Broker (DAB) has teamed up with Sumitomo Corporation, Chainlink Labs, and InnoWave to provide a proof of concept.
An obvious problem, hindered by inefficient paper and digital processes and inadequate interoperability, has been calling for action. These giants in the field are paying attention.
Envision a unified, user-friendly interface for the safe transfer of information and tokens between public and private blockchains and Internet of Things systems.
The immediate transmission of such crucial data via DAB’s platform and CCIP may, for instance, trigger a marine insurance process in the event that a ship detects a fire in its cargo hold. This isn’t simply language; it’s the future of business.
The ramifications are enormous. Secure, verifiable, and trackable information may soon be presented via DAB-enhanced IoT devices and blockchains.
Smart contracts, artificial intelligence programs, and several blockchain solutions may all benefit greatly from such data.
At the SmartCon 2023 conference in Barcelona, these firms stepped into the international spotlight and offered a fascinating view into the future.
By easily transmitting a digital bill of lading across several parties dispersed over multiple independent blockchains, they proved the possibility of eliminating transporting goods delays.
Vodafone DAB wants to eliminate the logistical burden of having this crucial document spread among at least five separate organizations.
More fascinating perhaps is Vodafone DAB’s new partnership with Chainlink Labs. The nodes of Chainlink’s decentralized oracle networks allow it to perform as a top-tier distributed computing platform.
These nodes serve as connectors between the blockchain and the outside world, recording anything from data events to actual happenings.
By participating as a node in the Chainlink Network, Vodafone DAB is establishing itself as an advocate for revolutionary change by strengthening and improving the flow of information and the efficiency of computing.
Vodafone DAB’s Chief Product Officer, David Palmer, elaborated on the possibility of combining IoT and blockchain technology.
The partnership between DAB and Chainlink is crucial as it will help drive the expected increase of nearly 3 billion IoT devices transacting in this new economy by 2030.
Access to real-world data and safe cross-chain interoperability are already having an effect on a variety of industries, from banking to global commerce, thanks to Chainlink, the decentralized computing platform that has become the industry standard.