Vodafone, Sumitomo team up with Chainlink to explore trade documents network


Vodafone Digital Asset Broker (DAB) has joined the Chainlink network as a node operator after finishing a proof-of-concept with Japanese buying and selling and funding firm Sumitomo for exchanging trade documents throughout platforms. The firms hope to enhance doc switch and processing of monetary transactions within the $32-trillion world trade ecosystem, Vodafone said.

The proof-of-concept used oracle network Chainlink’s Cross-Chain Interoperability Protocol (CCIP). DAB “provide[d] security and interoperability across IoT devices at the edge of a network.” The proof-of-concept confirmed the potential of Vodafone Internet of Things units and blockchains to present information to be used in contracts and AI functions. Potentially, a single interface may very well be created to switch information and tokens, the corporate stated:

“For example, a vessel detecting a cargo fire could autonomously relay data to smart contracts via DAB’s platform and CCIP, potentially triggering a marine cargo insurance process.”

Trade documents are a selected problem as a result of they might exist on paper or on digital platforms with low interoperability and want to change palms repeatedly.

Related: SWIFT partners with Chainlink for cross-chain crypto transfer project

International telecommunications firm Vodafone launched DAB in February 2022 and first used it with Mastercard in a trial within the United Kingdom of an app to assist electrical automobile drivers discover and pay for the perfect charging choices.

Vodafone teamed up with Sumitomo in May. The firms shaped a brand new entity, of which Vodafone held 80%. Vodafone transferred DAB — in addition to mental property, contracts, expertise and software program — into the brand new enterprise. The two firms additionally invested collectively in Safaricom Ethiopia.

Vodafone DAB partnered with enterprise blockchain Aventus in August, intending to enhance the provision chain in aviation. 

CCIP launched on Ethereum’s Arbitrum One layer 2 in September to improve scaling. It additionally labored with Australia and New Zealand Banking Group to test an Australian dollar stablecoin the identical month.

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