Vodafone DAB and Chainlink Labs Unveil Blockchain Solution to Streamline Global Trade

blockchain.news:

Vodafone's Digital Asset Broker (DAB) and Chainlink (LINK) Labs have unveiled a proof of concept (PoC) in collaboration with Sumitomo Corporation and InnoWave. This initiative aims to tackle the inefficiencies entrenched in the mammoth $32 trillion global trade arena.

The core of the demonstration lay in the fluid exchange of pivotal trade documents across varied platforms and blockchains, a process often hampered by disjointed systems. The prevalent use of inconsistent paper or digital platforms with subpar interoperability has been a major bottleneck across different sectors in global commerce. By leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP) alongside DAB, the companies showcased a solution to ensure security and interoperability across IoT devices at network fringes. This fusion potentially paves the way for a unified interface facilitating secure data and token exchanges across both public and private blockchain networks, alongside IoT networks.

Real-World Application

An illustrative use case presented was a vessel autonomously transmitting data regarding a cargo fire to smart contracts via DAB's platform and CCIP, potentially activating a marine cargo insurance procedure. This PoC underscores the capability of DAB-enhanced IoT devices and blockchains in delivering secure, trustworthy, and traceable data for smart contract, blockchain, and AI applications.

Trade Document Exchange

Furthering this initiative, the consortium will delve into the feasibility of global trade applications benefiting from DAB’s Economy of Things (EoT) platform. The EoT platform holds promise in empowering devices to autonomously serve as reliable data sources during trade processes, and also leverage DAB's