Vodafone plans to improve document transfer and financial transaction processing in the global trading ecosystem by teaming up with the Chainlink oracle network.
Mobile operator Vodafone has revealed that its blockchain platform Digital Asset Broker (DAB) has joined the Chainlink network as a node operator. The key objective of the collaboration is to enable improved document transfer and simplify the processing of financial transactions.
DAB is a blockchain-based automatic data exchange platform that provides interoperability between IoT devices. As part of the collaboration, its functionality was tested on the Chainlink oracle network via the Cross-Chain Interoperability Protocol (CCIP). This approach allowed applications to securely exchange data and tokens on both public and private blockchain networks, demonstrating the potential of smart devices and DLT systems within AI-powered application data transfer.
According to Jorge Bento, CEO of Vodafone DAB, the collaboration with Chainlink will demonstrate the interoperability of traditional markets with decentralized platforms. And Thomas Trepanier, Head of Capital Markets at Chainlink Labs, shared that adding DAB as a node operator will improve the security of data transfers. David Palmer, Chief Product Officer of Vodafone DAB, believes that the collaboration between the companies will help drive growth in the number of IoT devices, which could reach 3 billion by 2030.
The initiative is designed to address the long-term challenges of data sharing in the global trading ecosystem, the total volume of which is estimated at $32 trillion by Vodafone analysts. The collaboration also involved the DLT platform of Japanese trading and investment company Sumitomo Corporation and the platform InnoWave. Their participation made it possible to test the exchange of trade documents.
In July, the Chainlink Labs team announced the launch of the Cross-Chain Interoperability Protocol (CCIP), which will allow direct exchange of information between different types of blockchain networks and traditional financial systems.
