Vodafone, Sumitomo Partners With Chainlink To Trade Documents

Vodafone and Sumitomo to explore trade documents network with Chainlink

Vodafone’s Digital Asset Broker (DAB) has integrated with blockchain oracle network Chainlink after completing a successful proof-of-concept trial with Japanese trading firm Sumitomo. 

The goal is to enhance document transfers and financial transactions in the $32 trillion global trade industry.

The proof-of-concept leveraged Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to allow Vodafone’s edge IoT devices to securely provide data to blockchain contracts and AI systems. 

According to Vodafone, a key use case could involve cargo vessels autonomously communicating fire alerts via DAB and CCIP to trigger insurance claims.

Trade documents present a major pain point due to their repetitive manual handling across paper and digital systems with low interoperability. Vodafone launched DAB in February 2022 and first tested it with Mastercard for EV charging payments in the UK.

By integrating DAB with Chainlink’s CCIP, Vodafone plans to offer an integrated interface for transferring data, triggering smart contract execution, and enabling token movements. The ease of linking real-world data to various blockchains is expected to unlock new use cases.

CCIP itself launched on the Ethereum scaling solution Arbitrum in September and helped test an Australian dollar stablecoin with ANZ Bank. Its node infrastructure provides a standardized way to move assets between chains.

Also Read : Chainlinks Cross-Chain Interoperability Protocol (CCIP) Revolutionizes DeFi and Banking

Related Posts