According to CoinDesk, Vodafone's Digital Asset Broker (DAB) has shown that blockchain can be utilized for trade in a recent announcement. The telecom giant collaborated with Web3 services platform Chainlink Labs, Sumitomo Corporation, and InnoWave to run a proof of concept on trade document transfer. This collaboration aimed to address longstanding challenges in the $32 trillion global trade ecosystem.
The proof of concept allowed devices to operate autonomously and generate information that could be interpreted by a computer to support trade processes. Chainlink's cross-chain interoperability protocol (CCIP) was used to ensure security and interoperability as data and tokens were exchanged across public and private blockchains. Jorge Bento, CEO of Vodafone DAB, stated that Vodafone DAB and Chainlink are demonstrating how their platforms can be combined to bridge traditional markets with advanced decentralized platforms.
An example provided in the announcement explained that 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. Vodafone DAB also announced that it has joined the Chainlink network as a node operator to assist developers in fetching external data. Following the news, Chainlink's [LINK] token experienced a 7.5% increase in value within 24 hours, according to CoinGecko data.
