Vodafone’s Digital Asset Broker (DAB) today announced it has demonstrated a proof of concept with Sumitomo Corporation, Chainlink Labs and InnoWave to address longstanding challenges in the $32 trillion global trade ecosystem.
The demonstration focused on the seamless exchange of crucial trade documents across diverse platforms and blockchains. The exchange of trade documents is often complicated by a fragmented system, especially where multiple inefficient or unreliable paper or digital platforms are present with poor interoperability across various sectors of global commerce.
Through their collaboration, the companies used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) with DAB to provide security and interoperability across IoT devices at the edge of a network. This has the potential to provide a single simple interface that enables applications to securely exchange data and tokens across both public and private blockchain networks, as well as IoT networks. 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.
The concept shows the potential for DAB-enabled IoT devices and blockchains to provide secure, trustable, and tracible data for use in smart contracts and even blockchain and AI applications.
Trade Document Proof-of-Concept
The companies will continue to explore the viability of global trade applications benefiting from DAB’s Economy of Things (EoT) platform. The platform can enable devices to act autonomously as a source of trusted data when supporting trade processes, while also utilising DAB’s capabilities for improved processing of financial transactions.
At SmartCon 2023 conference in Barcelona, Spain, the companies demonstrated the first step in how trading companies could avoid unnecessary delays in moving cargo by seamlessly transferring a digital bill of lading (a legal receipt of cargo) between multiple parties across several different blockchains. It is not uncommon for a bill of lading to pass through at least five organisations.
Jorge Bento, CEO of Vodafone DAB, said: “Vodafone DAB and Chainlink are showing how their platforms can be combined to cut through this sea of incompatibility by bridging traditional markets with advanced decentralised platforms. This ensures seamless and secure exchanges of data and services across the global trade ecosystem, estimated to be worth over $30 trillion last year.”
Vodafone DAB joins the Chainlink Network as a Node Operator
Central to making this happen is Vodafone DAB’s new collaboration with Chainlink Labs, a software services company and primary contributing developer of Chainlink’s decentralised computing platform. The Chainlink platform is underpinned by decentralised oracle networks that deploy nodes, designed to connect smart contracts residing on a blockchain with real-world 'off-chain' events. This allows the contracts to securely interact with and respond to occurrences and data outside the blockchain.
Oracles are the bridge between a blockchain and any piece of data or system that exists outside of it. By becoming a Chainlink Network node operator, Vodafone DAB is playing a valuable role in helping enterprises and businesses to develop and deploy smart contracts, by securing and streamlining data exchange and computation.
“The integration of IoT and blockchains has the potential to provide new monetisation opportunities for IoT devices. 3 billion IoT devices are forecast to be transacting in the economy of things by 2030. Securing consensus and validation between DAB and Chainlink will be important to drive this growth,” said David Palmer, Chief Product Officer of Vodafone DAB.
“Onboarding a world-class infrastructure provider like Vodafone DAB to the Chainlink Networks’ node operator ecosystem helps bring more secure off-chain data and computation to the Chainlink Network to support the wider blockchain economy,” said Thomas Trepanier, Head of Capital Markets, Chainlink Labs.
Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $8.5 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, Decentralised Finance, global trade, gaming, and other major sectors.
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