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Vodafone Partners with Sumitomo and Chainlink to Revolutionize Trade Document Networks

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Vodafone’s Digital Asset Broker (DAB) platform has recently collaborated with the Chainlink network after a successful proof-of-concept with Sumitomo, a prominent Japanese trading and investment company. Their primary goal is to streamline the transfer of trade documents and financial transaction processing in the vast global trade market, which is currently valued at around $32 trillion.

The innovative proof-of-concept leveraged Chainlink’s Cross-Chain Interoperability Protocol (CCIP), with DAB focusing on ensuring security and enhancing interoperability among IoT devices. The trial showcased the potential of combining Vodafone’s IoT devices with blockchain technology, aiming to supply data for contracts and AI applications. Such a system could potentially allow for an integrated interface for both data and token transfers. In practical terms, this could mean that a ship detecting a cargo fire could automatically send data through DAB’s platform and CCIP, which might then initiate a marine cargo insurance procedure.

Trade documents present a unique set of challenges as they might exist in varied forms – paper or digital, with the latter often being plagued with low interoperability. Such documents frequently need to be transferred between different entities, making efficient handling crucial.

DAB, an initiative by international telecommunications giant Vodafone, was unveiled in February 2022. Its initial use case involved a collaboration with Mastercard in a UK trial to aid electric vehicle users in locating and paying for optimal charging stations.

Vodafone’s collaboration with Sumitomo began in May, resulting in the creation of a new business entity, predominantly owned by Vodafone at 80%. This partnership saw Vodafone contribute its DAB platform, along with intellectual property, contracts, technology, and software. Both companies also made a collective investment in Safaricom Ethiopia.

Furthering its partnerships, Vodafone DAB collaborated with the enterprise blockchain Aventus in August, targeting enhancements in the aviation supply chain.

Lastly, CCIP made significant advancements by launching Ethereum’s Arbitrum One Layer 2 in September, aimed at boosting scalability. The same month, it engaged with the Australia and New Zealand Banking Group to test an Australian dollar-backed stablecoin.

Jay Solano

Jay Solano

Jay is a crypto and NFT enthusiast dedicated to exploring the dynamic world of digital assets. As a leading crypto blog writer, he relishes sharing his knowledge on the latest trends, breakthroughs, and investment opportunities in the blockchain world.

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