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Vodafone launches new Blockchain-based ‘Economy of Things’ platform

Vodafone launches new Blockchain-based ‘Economy of Things’ platform
Diana
Paluteder
4 months ago
3 mins read

Vodafone has launched a blockchain-backed platform that authorizes connected devices to perform secure automated transactions on a customer’s behalf. 

According to an official statement, the new platform, called Digital Asset Broker (DAB), draws on the strength of its Internet of Things (IoT) platform and will help Vodafone clients benefit from the new ‘Economy of Things.’ 

Most connected devices and sensors today collect and send information via the Internet. However, the new ‘Economy of Things’ platform from Vodafone goes further than that. It allows verified connected devices, vehicles, smart street furniture, and machines to transact seamlessly and securely on a user’s behalf without their intervention.

Vodafone’s new platform will assign any device with a unique digital identity rather than businesses building their own complex infrastructure. It is then able to communicate and transact securely with other devices using wallet and payment technology secured by the mobile SIM.

The platform is secured using blockchain technology. All devices connected to Vodafone DAB are verified and then automatically authorized to exchange and trade data and money over secure and encrypted connections. 

“We are building in-house new, scaled platforms for our customers across Europe and Africa. This, our latest platform, will drive the new Economy of Things where everyday objects and devices can negotiate, buy and sell services on our behalf. We are actively talking with many other companies to rapidly expand partnerships and widen the ecosystem worldwide to include other features and payment schemes,”  said Johan Wibergh, Vodafone Chief Technology Officer. 

Improved EV communications 

The service went live on Monday, February 28, in a market-leading trial that connected electric vehicles autonomously and securely with a charging point in Newbury, UK. Drivers are sent real-time information on the status and compatibility of the nearest available charging point and can authorize their vehicle to recharge effortlessly.

In general, Vodafone believes the platform will eliminate ‘range anxiety’ – the fear of running out of battery life and thus enable customers to consciously choose renewable electricity providers.

Jesse Morris, CEO of Energy Web Foundation, said: “Electrification is a major part of global decarbonization efforts. However, there’s currently no way for EV drivers to ensure that all the electricity used to charge their vehicles comes from renewable sources. As access to green energy solutions is democratized, this is sorely needed. Working with any on-street EV charger, our solution can give individuals and companies assurance of clean energy use—a real game changer for EV users and companies with electric fleets.”

Instead of costly and time-consuming systems integration to book a parking spot, for example, the new Vodafone DAB platform provides a single point for trusted vehicles, or any other device, to interact across multiple car parks or systems. 

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Diana Paluteder
Author

Diana is an economics enthusiast with a passion for politics and investing. Having previously worked as a financial translator, she provides in-depth articles and guides on the world of finance and commerce.

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