Vodafone’s Digital Asset Broker (DAB) recently completed a proof of concept in collaboration with Sumitomo, Chainlink Labs, and InnoWave to address challenges within the $32 trillion global trade ecosystem.
The demonstration focused on enabling the seamless exchange of vital trade documents across diverse platforms and blockchains. The fragmented nature of existing systems often complicates the exchange of trade documents, leading to inefficiencies and poor interoperability across different sectors of global commerce.
The proof of concept incorporated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) with DAB to enhance security and interoperability across Internet of Things (IoT) devices at the network edge.
This integration aims to provide a unified interface for secure data and token exchanges across public and private blockchain networks, as well as IoT networks.
The concept showcased the potential for DAB-enabled IoT devices and blockchains to offer secure, trustworthy, and traceable data for smart contracts, blockchain, and AI applications.
At the SmartCon 2023 conference in Barcelona, Spain, the companies demonstrated how digital bills of lading, crucial trade documents, could be smoothly transferred between multiple parties across various blockchains.
The goal is to reduce unnecessary delays in cargo movement, a common issue in the trade ecosystem. Vodafone DAB’s Economy of Things (EoT) platform, which allows devices to act autonomously as a source of trusted data, played a key role in the demonstration.
Vodafone DAB has become a Chainlink Network node operator, a significant development in collaboration with Chainlink Labs.
The partnership focuses on utilising Chainlink’s decentralised computing platform, which relies on decentralised oracle networks to connect smart contracts with real-world events.
Vodafone DAB’s role as a node operator aims to secure and streamline data exchange and computation processes, facilitating the development and deployment of smart contracts for enterprises and businesses.
Vodafone DAB’s proof of concept extends beyond blockchain, exploring the potential of IoT devices to act autonomously as reliable data sources for trade processes.
For example, in the event of a cargo fire, an IoT device attached to the cargo could autonomously relay data to smart contracts via DAB’s platform and CCIP, potentially triggering a marine cargo insurance process.
This collaborative effort between Vodafone DAB and Chainlink signifies a strategic move to address longstanding challenges in the global trade ecosystem and foster innovation in the blockchain space.