Vodafone and Sumitomo Collaborate with Chainlink to Streamline Trade Documents Network

Improving Document Transfer and Financial Transactions in Global Trade

Vodafone Digital Asset Broker (DAB) has joined forces with Japanese trading and investment company Sumitomo to explore the potential of using Chainlink's network for exchanging trade documents across platforms. The aim is to enhance document transfer and streamline financial transactions in the global trade ecosystem, which is valued at a staggering $32 trillion.

Unlocking the Power of IoT Devices and Blockchain

Vodafone's DAB completed a successful proof-of-concept, using Chainlink's Cross-Chain Interoperability Protocol (CCIP), which demonstrated how Vodafone's Internet-of-Things (IoT) devices and blockchains can provide valuable data for use in contracts and AI applications. This innovative solution could potentially create a single interface for seamless data and token transfers. For example, if a vessel detects a cargo fire, it could autonomously relay the data to smart contracts via DAB's platform and CCIP, potentially triggering a marine cargo insurance process.

Addressing the Challenge of Trade Documents

Trade documents pose a unique challenge as they may exist in both paper and digital formats with limited interoperability, requiring frequent handovers. The collaboration between Vodafone, Sumitomo, and Chainlink aims to overcome these obstacles and revolutionize the way trade documents are managed.

Expanding the Scope of Vodafone's Digital Asset Broker

Vodafone launched its Digital Asset Broker (DAB) in February 2022 and initially partnered with Mastercard to trial an app in the UK that assists electric vehicle drivers in finding and paying for the best charging options. Since then, Vodafone has joined forces with Sumitomo, forming a new entity where Vodafone holds an 80% stake. Vodafone transferred DAB, along with intellectual property, contracts, technology, and software, into the new business. The partnership also includes joint investments in Safaricom Ethiopia.

Advancing Supply Chain Efficiency in Aviation

In August, Vodafone DAB partnered with enterprise blockchain Aventus to enhance the supply chain in the aviation industry. This collaboration aims to leverage the power of blockchain technology to improve transparency, traceability, and efficiency in aviation operations.

Chainlink's Continued Expansion and Collaboration

Chainlink's Cross-Chain Interoperability Protocol (CCIP) launched on Ethereum's Arbitrum One layer-2 in September, enabling increased scaling and interoperability. Additionally, Chainlink has partnered with the Australia and New Zealand Banking Group (ANZ) to test an Australian dollar stablecoin, further showcasing the versatility and potential of this innovative network.