October 25, 2023

Vodafone’s DAB Utilizes Use of Blockchain with Chainlink

Vodafone's DAB x Chainlink

Vodafone’s DAB x Chainlink

Vodafone’s Digital Asset Broker (DAB) has become a node operator on the Chainlink network.

This follows the successful completion of a proof-of-concept conducted with Sumitomo, a Japanese trading and investment company, to streamline the exchange of trade documents across various platforms. The project aims to improve document transfer and financial transaction processing in the $ 32-trillion global trade ecosystem.

The proof-of-concept utilized Chainlink’s Cross-Chain Interoperability Protocol (CCIP), an oracle network. DAB’s role in the project was to provide security and interoperability across IoT devices at the edge of a network.

The successful execution of the proof-of-concept demonstrated the potential of Vodafone’s Internet of Things devices and blockchains to provide data for use in contracts and AI applications. Creating a single interface for data and token transfer is possible.

“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,” Vodafone said.

Trade documents pose a unique challenge as they may exist in paper or digital platforms with low interoperability. Additionally, they need to change hands repeatedly.

In February 2022, Vodafone, an international telecommunications company, launched DAB. They first trialed it in the UK with Mastercard, using an app aimed at assisting electric vehicle drivers to locate and pay for the best charging options.

In May, Vodafone collaborated with Sumitomo, and both companies formed a new entity, with Vodafone holding an 80% stake. Vodafone moved DAB, intellectual property, contracts, technology, and software into the new business. The two companies also made a joint investment in Safaricom, Ethiopia.

In August, Vodafone DAB partnered with enterprise blockchain Aventus to enhance the aviation supply chain. In September, CCIP was launched on Ethereum’s Arbitrum One Layer 2 to improve scalability. During the same month, Vodafone DAB collaborated with the Australia and New Zealand Banking Group to test an Australian dollar stablecoin.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.