Vodafone and Chainlink Collaborate on Blockchain-Enabled Proof of Concept for Global Trade

cryptonews.com:

Vodafone’s Digital Asset Broker (DAB) announced on Tuesday a collaborative proof of concept with Chainlink Labs, Sumitomo Corporation, and InnoWave. The initiative’s goal is to tackle existing obstacles in the $32 trillion global trade ecosystem. The partners revealed their efforts to improve the exchange of vital trade documents across multiple platforms and blockchains, focusing on security and interoperability.

The proof of concept concentrates on facilitating the seamless transfer of crucial trade documents, like bills of lading, among diverse platforms and blockchains. These documents often encounter delays due to a fragmented system with multiple inefficient platforms.

“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,” Vodafone DAB CEO Jorge Bento stated in the announcement.

That's a major achievement bridging traditional trade markets with decentralized platforms! Congrats to Vodafone and Chainlink! #crypto #blockchain https://t.co/QWlgo50JUA

— Teddy Graffiti Tales NFT (@cyberpunkteddy) October 25, 2023

The joint venture’s work was showcased at SmartCon 2023 in Barcelona, Spain. The companies illustrated how trading firms could potentially sidestep delays in cargo movement by transferring digital bills of lading between multiple parties across several blockchains. The real-world application of this technology would improve the global trade flow, which saw a transactional value exceeding $32 trillion last year.

Another important part

of the project is Chainlink’s Cross-Chain Interoperability Protocol (CCIP), employed alongside Vodafone’s DAB to ensure secure and seamless