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.
