Vodafone DAB and Chainlink Labs Unveil Blockchain Solution to Streamline Global Trade - Blockchain.News

Vodafone DAB and Chainlink Labs Unveil Blockchain Solution to Streamline Global Trade

Rebeca Moen Oct 25, 2023 05:24

Vodafone's Digital Asset Broker and Chainlink Labs, in partnership with Sumitomo Corporation and InnoWave, have developed a proof of concept to improve the global trade ecosystem. The initiative aims to facilitate the seamless exchange of trade documents across various platforms and blockchains, reducing fragmentation and inefficiencies. The collaboration uses Chainlink's Cross-Chain Interoperability Protocol for security and interoperability, paving the way for smart contract, blockchain, and AI applications.

Vodafone DAB and Chainlink Labs Unveil Blockchain Solution to Streamline Global Trade

Vodafone's Digital Asset Broker (DAB) and Chainlink (LINK) Labs have unveiled a proof of concept (PoC) in collaboration with Sumitomo Corporation and InnoWave. This initiative aims to tackle the inefficiencies entrenched in the mammoth $32 trillion global trade arena.

The core of the demonstration lay in the fluid exchange of pivotal trade documents across varied platforms and blockchains, a process often hampered by disjointed systems. The prevalent use of inconsistent paper or digital platforms with subpar interoperability has been a major bottleneck across different sectors in global commerce. By leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP) alongside DAB, the companies showcased a solution to ensure security and interoperability across IoT devices at network fringes. This fusion potentially paves the way for a unified interface facilitating secure data and token exchanges across both public and private blockchain networks, alongside IoT networks.

Real-World Application

An illustrative use case presented was a vessel autonomously transmitting data regarding a cargo fire to smart contracts via DAB's platform and CCIP, potentially activating a marine cargo insurance procedure. This PoC underscores the capability of DAB-enhanced IoT devices and blockchains in delivering secure, trustworthy, and traceable data for smart contract, blockchain, and AI applications.

Trade Document Exchange

Furthering this initiative, the consortium will delve into the feasibility of global trade applications benefiting from DAB’s Economy of Things (EoT) platform. The EoT platform holds promise in empowering devices to autonomously serve as reliable data sources during trade processes, and also leverage DAB's prowess for enhanced financial transaction processing. During SmartCon 2023 in Barcelona, Spain, a demonstration showcased how trading entities could circumvent unnecessary cargo transit delays by smoothly transferring a digital bill of lading between multiple stakeholders across several blockchains.

Vodafone DAB Joins Chainlink Network

A noteworthy development is Vodafone DAB’s fresh alliance with Chainlink Labs, marking its entry as a Chainlink Network node operator. This positions Vodafone DAB as a key player in facilitating enterprises and businesses to create and deploy smart contracts by ensuring secure and streamlined data exchange and computation. Chainlink’s decentralized oracle networks act as conduits between on-chain smart contracts and off-chain real-world occurrences and data.

The involvement of top-tier entities like Vodafone DAB and Chainlink Labs in devising solutions to longstanding global trade issues showcases the vast potential of blockchain technology. With 3 billion IoT devices projected to transact in the economy of things by 2030, securing consensus and validation between DAB and Chainlink will be pivotal in propelling this growth.

Image source: Shutterstock