Vodafone and Chainlink Demonstrate Blockchain's Role in Global Trade

Posted under: Fintech
Date: 2023-10-26
Vodafone and Chainlink Demonstrate Blockchain's Role in Global Trade

Vodafone's Digital Asset Broker (DAB) has demonstrated blockchain can be used for trade, according to a Tuesday announcement. The telecom giant ran a proof of concept on trade document transfer with Web3 services platform Chainlink Labs, Sumitomo Corporation and InnoWave to address "longstanding challenges in the $32 trillion global trade ecosystem," according to the announcement. The proof of concept enabled devices to act autonomously and produce information that could be translated by a computer to support trade processes. The companies used Chainlink's cross-chain interoperability protocol (CCIP) to provide security and interoperability as data and tokens were shared across public and private blockchains. “Vodafone DAB and Chainlink are showing how their platforms can be combined to cut through this sea of incompatibility by bridging traditional markets with advanced decentralized platforms," said Jorge Bento, CEO of Vodafone DAB.

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