Vodafone Digital Asset Broker (DAB) has taken a significant step by becoming a node operator on the Chainlink network. This development follows the successful completion of a proof of concept conducted in partnership with Sumitomo Corporation, a Japanese trading and investment company. Together, they aimed to enhance the exchange of trade documents and streamline financial transaction processing within the massive $32 trillion global trade ecosystem.
The proof of concept was powered by the cross-chain interoperability protocol (CCIP) offered by the Chainlink oracle network. Vodafone DAB specializes in providing security and interoperability for Internet of Things (IoT) devices situated at the edge of the network. This demonstration has shown the potential for Vodafone's IoT devices and blockchain technology to deliver data for contracts and artificial intelligence applications. It has opened the door for creating interfaces to facilitate the seamless transfer of data and tokens. For instance, a ship detecting a cargo fire could automatically transmit data to a smart contract via the DAB platform and CCIP, potentially triggering the marine cargo insurance process.
Trade documents have been a challenge in the past, as they may exist in both physical paper and digital formats, have limited interoperability, and often require multiple handovers. Vodafone introduced the Vodafone DAB in February 2022 and is currently conducting a trial in the UK with Mastercard, focused on helping electric vehicle drivers locate and pay for the most convenient charging options.
In May, Vodafone entered into a partnership with Sumitomo Corporation, leading to the formation of a new entity, with Vodafone retaining an 80% stake. The Vodafone DAB, along with its intellectual property, contracts, technology, and software, was transferred to this new venture. Additionally, the two companies collaborated on investments, including their joint commitment to Safaricom Ethiopia. In August, Vodafone DAB joined forces with Aventus, an enterprise blockchain firm, with the goal of enhancing aviation supply chains.
Chainlink's CCIP was introduced on Ethereum's Arbitrum One Layer 2 platform in September, specifically to enhance scalability. During the same month, the platform collaborated with the Australia and New Zealand Banking Group to conduct testing related to an Australian dollar stablecoin.
