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Telecommunications giant Vodafone’s Digital Asset Broker (DAB) has revealed that it has conducted a proof of concept in collaboration with Chainlink Labs, Sumitomo Corporation, and InnoWave to alleviate issues regarding the global trading ecosystem.

Vodafone used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) in order to reduce inefficiencies in the global commerce ecosystem. The collaborative effort saw companies use IoT (Internet of Things) devices with CCIP to transfer crucial business documents.

DAB claims this process can increase security and interoperability. This is because a single interface can be used to transfer data between public and private blockchains.

Vodafone partners with Chainlink

In addition to the proof of concept, DAB has also joined Chainlink, a leading oracle provider, as a node operator.

“Integrating a world-class infrastructure provider like Vodafone DAB into the Chainlink Networks ecosystem of node operators helps bring more secure off-chain data and computing to the Chainlink Network to support the broader blockchain economy,” said the Head of Capital Markets at Chainlink Labs, Thomas Trepanier.

Vodafone DAB was created in 2022 and transferred to a newly formed entity in May 2023, with Vodafone holding an 80% stake and Japanese company Sumitomo holding the remaining 20%.

On August 31, Swift, the global interbank messaging service, released a report showing how many financial institutions used Chainlink’s CCIP to securely transfer tokenized assets between blockchains.

The LINK token, native to the Chainlink blockchain, has been one of the best-performing tokens in the recent rally. The asset registered an increase of 48% last week, according to data from the CoinGecko platform.

LINK price chart

*Translation of the article “Vodafone Partners With Chainlink To Demonstrate Blockchain’s Potential In Global Trade“ with authorization from the The Defiant.

Disclaimer: The text presented in this column does not necessarily reflect the opinion of CriptoFácil.

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