Vodafone has announced the launch of a blockchain-based platform that allows connected devices to make secure automated transactions on behalf of customers.
According to an official announcement, the new platform, dubbed Digital Asset Broker (DAB), would enable Vodafone clients benefit from the new “Economy of Things” by leveraging the company’s Internet of Things (IoT) infrastructure.
The majority of today’s connected devices and sensors capture and send data through the Internet. However, Vodafone’s new ‘Economy of Things’ platform goes even further. It enables authenticated connected devices, automobiles, smart street furniture, and machines to transact on a user’s behalf in a seamless and secure manner without the user’s involvement.
A car paying for parking, a pay-as-you-go rental car charging, smart power metres, and even a coffee machine ordering refills are all instances of applications. Electricity Web enables electric cars to communicate with charging stations to assess whether they produce energy sourced from renewables in a pilot that began yesterday in Newbury, UK. If it does, and the automobile is suitable, it may complete the transaction without the need for human participation – aside from physically plugging in the charger – and use the Mastercard network to make the payment.
“If you wanted your connected automobile to communicate with a parking garage, both companies would have to collaborate on the development and integration of APIs and software to share data.” “This is really expensive, takes a long time to develop, and every time there is a variance, you have to write more software and test more,” said Jorge Bento, Vodafone’s Head of IoT Technology. He added further, “Our Digital Asset Broker platform can help with this. We can make gadgets trusted by combining Blockchain technology with the Internet of Things, allowing them to transact across numerous networks.”
The Digital Asset Broker (DAB) is the blockchain of blockchains, according to the telecoms behemoth. The SIM card, which is upgraded with a DAB passport to become a DAB SIM via a little piece of software, is at its heart. Then, digital identity is employed to limit which devices are allowed to interact with one another. Microtransactions are supported by a transaction layer on the DAB platform.