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Cryptogambling / Vodafone, Sumitomo partner with Chainlink to improve trade document processing

Vodafone, Sumitomo partner with Chainlink to improve trade document processing

Publish Date: 25/10/2023
b, tags: improve trade document processing - live.staticflickr.com

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Vodafone’s Economy of Things arm, Vodafone DAB, has partnered with Chainlink’s blockchain oracle network after a successful proof-of-concept with Sumitomo, aiming to improve document transfers and transaction processing in the $32 trillion global trade sector.

Vodafone and Sumitomo’s proof-of-concept showcased how IoT devices and blockchain can provide data for contracts and artificial intelligence.

With Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Vodafone DAB ensures IoT security and compatibility at the network’s edge, enabling a unified interface for seamless data and token transfers.

“For example, a vessel detecting a cargo fire could autonomously relay data to smart contracts via DAB’s platform and CCIP, potentially triggering a marine cargo insurance process,” Vodafone said.

Trade documents are tricky because they exist both in paper and digital forms with limited compatibility. By using Chainlink’s CCIP and the power of blockchain and IoT, Vodafone and Sumitomo aim to boost automation and efficiency in the trade sector.

Vodafone’s partnership with Sumitomo

In February 2022, Vodafone launched DAB and worked with Mastercard to develop an app for electric vehicle drivers. Then, in May, Vodafone and Sumitomo joined forces, creating a new entity where Vodafone has an 80 percent stake. As part of this partnership, Vodafone moved DAB, along with its assets and investments, into the business.

Vodafone and Sumitomo aim to promote the Economy of Things, where vehicles, devices and machines interact and transact securely through a digital platform without human involvement, all under the owner’s control.

Vinod Kumar, CEO of Vodafone Business, said, “Sumitomo is the ideal partner to help drive the Economy of Things and associated new business opportunities for us, our customers, and partners.”

Vodafone and Sumitomo plan to introduce the DAB platform to the public step by step, starting with the automotive and transport sectors in Germany and the U.K. Later, they will expand to other European countries and North America. There are also talks of a partnership with SCSK Corporation, a Sumitomo Corporation Group company, to enter the Asian market, including Japan, with a future focus on smart cities.

Vodafone DAB seeks innovation through partnerships

Vodafone DAB is actively seeking innovation through partnerships. In August, it partnered with Aventus for supply chain improvement in aviation.

Vodafone DAB’s partnership with Aventus aims to leverage its strengths to assist aviation industry players in adopting secure Web3 blockchain technology for electronic data trading. Vodafone DAB, with its vast network of over 160 million connections globally, facilitates this on a large scale across various regions.

Vodafone DAB and Aventus have worked on a solution that includes using blockchain-enabled SIM cards on cargo tracking pods. Every year, about five to 10 percent of cargo pods go missing, costing the industry roughly $400 million. This solution aims to minimize these losses and expands upon Aventus’ established presence at Heathrow Airport.

Jorge Bento, CEO of Vodafone DAB, said, “Through our strategic partnership with Aventus, we can help businesses and third-party providers securely adopt, and benefit from, Web3 services through the Vodafone DAB platform. Addressing the needs of the airlines is a start, and we look forward to exploring many other opportunities with Aventus.”

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