The use of blockchain and cryptos to facilitate transparent international exchanges of commercial documents constitutes a real challenge today. Together with other partner technology companies, Vodafone has carried out rather encouraging tests for this purpose.
Crypto impacts the international exchange of commercial documents
In a press release published Tuesday, October 24, the technology firm Vodafone unveiled an innovation concerning the use of blockchain in the field of international trade.
This development is the result of its collaboration with Sumitomo Corporation, the crypto firm Chainlink Labs and InnoWave. A partnership focused on the transparent exchange of essential business documents between various platforms and blockchains.
This collaborative work comes in a context where the cross-border exchange of commercial documents is regularly hampered. In particular, the great complexity of digital and paper systems marks their fragmentation, ultimately leading to their inefficiency.
To address this challenge, companies used the Cross-Blockchain Interoperability Protocol (CCIP) developed by Chainlink, in tandem with Vodafone’s Digital Asset Broker (DAB). A collaborative effort that aimed to ensure crypto security, but also the interoperability of IoT (Internet of Things) devices, located at the edge of networks. And the results look promising.
“Integrating a world-class infrastructure provider like Vodafone DAB into Chainlink Networks’ ecosystem of node operators helps bring more secure off-chain data and computation to the Chainlink network to support the blockchain economy in the broad sense »said Thomas Trepanier, Head of Capital Markets, Chainlink Labs.
Towards the emergence of a platform for exchanging commercial documents?
According to stakeholders, this represents an important step towards creating a transparent interface for the secure exchange of data and cryptos on blockchain networks. The possibilities in this sense are immense. For example, a ship detecting a cargo fire could autonomously transmit data to smart contracts via DAB and CCIP. Which could trigger a maritime cargo insurance process.
The bill of lading, an essential element of maritime commerce, is another example of possible options for the exchange of commercial documents. Possibilities for transferring this document via multiple blockchains have been demonstrated, eliminating unnecessary cargo delays.
The concept of trading document exchange actually demonstrates the potential of ATM-enabled IoT devices and blockchains. An alloy that helps provide secure, reliable, traceable data that can be used in smart contracts, blockchain applications and AI.
Stakeholders also aim to continue exploring the potential crypto applications of this innovation in the sphere of international trade. This is based on the Vodafone ATM Economy of Things (EoT) platform.
Ultimately, the collaboration between these technology firms represents an important step towards transforming global commerce through blockchain innovation. Their work not only addresses long-standing challenges, but also paves the way for a more efficient and secure future in the global trade ecosystem.
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