Vodafone Utilizes Blockchain to Facilitate IoT Gadgets Perform Automated Transactions
For the ‘Economy of Things,’ Vodafone has built a blockchain-backed platform that enables connected gadgets to conduct safe transactions on behalf of users. With Vodafone’s Internet of Things (IoT) platform, the Digital Asset Broker (DAB) hopes to deliver automated transactions for consumers and organizations that don’t have to construct their own infrastructure.
With the DAB, devices may speak with other devices on the platform and pay for products and services using digital wallets that are protected by SIM card technology. The blockchain certifies the trustworthiness of all connections, and all payments are encrypted.
By providing a solution for connected devices and infrastructure functioning in isolation, Vodafone intends to open up new income streams for organizations.’ Connected cars may be able to reserve and pay for smart parking spaces, for example.
“As many sectors as possible, including automotive, energy, manufacturing, and logistics, will be connected to the DAB, in addition to the 140 million worldwide IoT connections now provided by Vodafone. New, scalable platforms for our clients in Europe and Africa are being built in-house.” Vodafone’s chief technology officer, John Wibergh, says that this new platform will “fuel the emerging economy of things where common items and gadgets can negotiate, purchase, and sell services on our behalf,” according to Wibergh.
Many other firms are working with us to “rapidly grow relationships and spread the ecosystem internationally to incorporate more features and payment mechanisms.”
Vodafone’s home town of Newbury has launched a prototype of the service, which allows electric cars to interact with charging stations that are compatible.