Vodafone and Sumitomo Partner with Chainlink to Modernize Global Commerce via Blockchain

If you’ve ever tried to decipher the complexity of global trade, you know it’s no simple task. We are talking about a sector that generates an impressive amount of 32 trillion dollars. And, at the heart of this complexity, Vodafone begins to stand out.

Alongside heavyweights such as Sumitomo Corporation, Chainlink Labs and InnoWave, Vodafone, through its Digital Asset Broker (DAB), is launching a revolutionary proof of concept. The goal? Solve the challenges of international commercial documentation, often tangled up in antiquated and impractical systems.

Vodafone’s Digital Asset Broker has demonstrated a proof of concept with Sumitomo Corporation, @Chainlink Labs & @InnoWave to address challenges in the global trade ecosystem.

Discover how DAB-enabled #IoT devices and blockchains can provide secure data for smart contracts.

— Vodafone Group (@VodafoneGroup) October 24, 2023

At the SmartCon 2023 conference, the world got a glimpse of this innovation. A demonstration showed how Vodafone DAB could eliminate traditional cargo transfer delays by digitally transmitting essential information across multiple blockchains.

Even more interesting is the partnership between Vodafone DAB and Chainlink Labs. Chainlink, famous for its decentralized computing platform, operates through oracles that connect the blockchain world to the real world.

Now, with Vodafone DAB functioning as a node in the Chainlink Network, the prospect is for a profound transformation in data exchange, optimizing the computational process throughout the system.

David Palmer, from Vodafone DAB, highlighted the potential of this integration. It predicts around 3 billion IoT devices operating in this economy by 2030. To support this growth, collaboration between DAB and Chainlink is essential.

It is worth noting that Chainlink has already made an impact in several sectors, from banking to international trade, providing access to real-world data and fostering secure interoperability.

At the time of publication, the price of LINK was quoted at US$10.75, down 1% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.