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Vodafone, Chainlink Show Blockchain Can Support Global Trade Processes
The proof of concept enabled devices to act autonomously and produce accurate information to support trade document exchange, the companies said.
Updated Oct 25, 2023, 11:47 a.m. Published Oct 25, 2023, 11:47 a.m.
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.
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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.
For instance, cargo vessels detecting a fire could "autonomously relay data to smart contracts via DAB’s platform and CCIP, potentially triggering a marine cargo insurance process," the post said.
Vodafone DAB also said it had joined the Chainlink network as a node operator to help developers fetch external data.
Chainlink's [LINK] token climbed 7.5% in the 24 hours following the news, according to CoinGecko data.
Read more: U.K. Move to Digitize Trade Documents Could Rely on Blockchain, Government Says
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