HomeBlockchainVodafone connects its blockchain-enabled SIM card to tokenized deposits - Ledger Insights

Vodafone connects its blockchain-enabled SIM card to tokenized deposits – Ledger Insights

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PairPoint: Vodafone’s Digital Asset Broker (DAB) Blockchain Network and IoT Transactions

Vodafone’s Blockchain Network PairPoint Revolutionizing IoT Financial Transactions

In a groundbreaking move, Vodafone launched its Digital Asset Broker (DAB) blockchain network in 2022, aiming to revolutionize the way IoT devices make financial transactions. The network, now rebranded as PairPoint after an investment from Sumitomo, has been making waves in the industry with its innovative approach.

PairPoint’s Chief Product Officer, David Palmer, recently revealed to Yahoo Finance the network’s use of DAB and account abstraction to connect to tokenized deposit networks like Onyx by JP Morgan. This middleware technology allows large enterprises to seamlessly interact with public blockchains without directly engaging with the complex blockchain infrastructure.

The focus of PairPoint has been on the economy of things, utilizing SIM cards with additional software to add an identity layer to IoT devices, effectively turning them into device passports. This technology has been particularly beneficial in automotive applications and cargo tracking, streamlining processes and enhancing efficiency.

Palmer also highlighted the potential for SIM cards to serve as hardware for securing digital wallets on smartphones, citing China Telecom’s development of a web3 SIM card that supports offline central bank digital currency payments. With Vodafone predicting a staggering 5.6 billion digital wallets by 2030, the potential for growth and innovation in this space is immense.

PairPoint’s journey began with a collaboration with Mastercard and Energy Web to trial electric vehicles autonomously communicating with charging stations. Since then, the network has expanded its reach, partnering with Aventus for cargo tracking at airports and collaborating with Deloitte and major shipping carrier Hapag Lloyd for cargo identification and tracking.

As PairPoint continues to evolve and expand its offerings, its integration with Hyperledger and focus on business use cases signal a promising future in the blockchain and IoT space. With a strong emphasis on supply chains and mobility applications, PairPoint is poised to lead the way in transforming the digital landscape.

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