Telecom giant Vodafone’s Digital Asset Broker (DAB) revealed that it has conducted a proof of concept in collaboration with Chainlink Labs, Sumitomo Corporation, and InnoWave to alleviate issues pertaining to the global trade ecosystem.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) was used to reduce inefficiencies in the global commerce ecosystem. The collaborative effort saw the companies using IoT devices with CCIP to transfer crucial trade documents.
DAB states that this process can increase security and interoperability, as one single interface can be used to transfer data between private and public blockchains.
In addition to the proof of concept, DAB has also joined Chainlink, the leading oracle provider, as a node operator.
“Onboarding a world-class infrastructure provider like Vodafone DAB to the Chainlink Networks’ node operator ecosystem helps bring more secure off-chain data and computation to the Chainlink Network to support the wider blockchain economy,” Chainlink Labs Head of Capital Markets Thomas Trepanier said.
Vodafone DAB was established in 2022 and transferred to a newly formed entity in May 2023, with Vodafone owning an 80% stake and Japanese firm Sumitomo holding the remaining 20%.
On Aug. 31, Swift, the global interbank messaging service, released a report showcasing how many financial institutions used Chainlink’s CCIP to transfer tokenized assets between blockchains in a safe and secure manner.
LINK has been one of the top-performing tokens in the recent rally, up 48% in the past week.