Cryptocurrency, News

Vodafone Introduces An ‘Economy Of Things’ Network For Buying And Selling Of Digital Assets

Telecom giant, Vodafone, has introduced a blockchain-based system that allows connected devices to make secure and programmed transactions on behalf of clients.

From the official announcement, the new system, named Digital Asset Broker (DAB), would enable Vodafone users to benefit from the emerging ‘Economy of Things’ by drawing on the power of the network, Internet of Things (IoT).

Safe And Secure Transactions 

Today, most connected gadgets and sensors gather and transmit data through the Internet. On the other hand, Vodafone’s latest ‘Economy of Things’ technology takes things further. It enables authenticated connected devices, automobiles, intelligent street furniture, and equipment to transact on behalf of a client smoothly and securely without the user’s intervention.

Instead of enterprises developing their sophisticated infrastructure, Vodafone’s new system will provide a distinct digital identity to each device. It may then interact and transact safely with other gadgets by utilizing wallet and transaction technologies protected by the user’s cellular SIM.

Blockchain technology is used to safeguard the platform. All Vodafone devices that are connected to the DAB network are checked and then automatically approved to trade and exchange information and money through safe and private connections.

“We are developing a new, scalable infrastructure for our users in Africa and Europe. This recent platform will power the emerging Economy of Things, in which common items and gadgets will be able to negotiate, purchase, and sell products for us. We are talking directly with other firms about fast-expanding relationships and broadening the ecosystem globally to include other functionalities and payment mechanisms,” said Vodafone’s officer in charge of technology, Johan Wibergh.

Enhanced Interaction For Electric Vehicles (EV)

On the 28th of February, the program went live in an experiment that linked electric vehicles securely and independently to a charging station in Newbury, United Kingdom. Drivers will receive authentic information about the status and suitability of the nearest charging point and will easily permit their car to recharge.

Vodafone claims the platform would remove ‘range anxiety,’ or the fear of low battery. This will allow users to pick renewable energy sources.

Jesse Morris, the president of Energy Web Foundation, noted that “electrification is a crucial aspect of worldwide efforts towards decarbonization.” However, EV drivers presently have no method of ensuring that all of the power used in recharging their vehicles originates from renewables. This is especially important when access to renewable power sources becomes more widely available. She added that “our technology, when combined with an on-street electric vehicle charger, can provide consumers and businesses with the certainty of sustainable energy use. This will benefit users of electric vehicles and companies producing electric cars.

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