Vodafone DAB, Digital Asset Broker, has demonstrated the capabilities to transform global trade through Blockchain innovation. The same has been done in association with Chainlink Labs. DAB leveraged the potential of proof-of-concept to address the challenges of the exchange of data and services. The global trade ecosystem is estimated to be worth around $32 trillion. It will soon have access to interoperability across Blockchains and platforms.
Chainlink contributed by developing the Cross-Chain Interoperability Protocol. This allowed for universal IoT device protection and communication.
One aspect that offers the most convenience is triggering the next phase without any manual intervention. The detection of an incident, such as a fire in goods, might initiate maritime cargo insurance procedures. This means that there is potential to provide data that is trustworthy, secure, and traceable in smart contracts, AI applications, and Blockchain.
DAB is bringing its Economy of Things platforms, also referred to as EoT. In order to determine whether or not they can reap the benefits of EoT, both parties will investigate potential trade applications on a worldwide scale.
Vodafone and Chainlink Labs have demonstrated the first step of this innovation at the SmartCon 2023 conference. The event took place in Barcelona, Spain, where a demonstration showed how the new technology may assist expedite the shipping process. All that is required is for digital bills to flow without any hitches amongst the five institutions normally involved.
Vodafone DAB CEO Jorge Bento has stated that both firms have demonstrated the efficacy of their respective platforms in reducing barriers to the free flow of data and services within the international commerce ecosystem.
Simultaneously, Vodafone has announced that it has joined Chainlink Network as a Node Operator. As a result, the firm will be of great use in assisting corporations and businesses in creating and implementing smart contracts.
Vodafone DAB’s Chief Product Officer, David Palmer, has stated that greater potential for IoT device monetization has become available thanks to the combination of IoT with Blockchain. David has also indicated that by 2030, it is expected that three billion IoT devices would be participating in the economy of things.
According to Chainlink Labs’ Head of Capital Markets Thomas Trepanier, integrating DAB as their node operator allows them to deliver more secure off-chain data and processing to the network. This is in reference to supporting the broader Blockchain ecosystem.
The global trade ecosystem is worth approximately $32 trillion. However, it continues to suffer from larger movements of data and tokens. This has affected trade for a long time. Vodafone and Chainlink Labs have now demonstrated how Blockchain technology can be used to eliminate those issues and give a boost to the global trade network. It largely pertains to the movement of documents and other crucial information.