Vodafone has implemented a new Blockchain-based “Economy of Things” platform

TL analysis; DR

• Vodafone has launched the ‘Economic of Things’ platform – the next generation Internet of Things (IoT).
• The ‘economy of things’ allows electric vehicles (EVs) to pay directly with charging stations and other devices for secure transactions.

Vodafone has launched a blockchain-based platform that allows connected devices to perform secure automated transactions on behalf of customers. Dubbed the ‘Economy of Things’, the new platform is based on Blockchain Developers Contest and will allow customers to securely conduct transactions with devices such as cars, homes, and gadgets. household appliances.

The essence of the ‘Economy of Everything’ for customers

Initially, the economy of things will be used to pilot a program that allows motorists to pay for parking with their cars. The platform will also be used to allow homeowners to buy and sell energy with each other and enable appliances to automatically order and pay for replacement parts. Vodafone plans to eventually expand the Economy of Things to include other services such as insurance, telecommunications, and transportation.

According to a company statement, the new platform, called the Digital Asset Broker (DAB), is based on Vodafone’s Internet of Things (IoT) platform and will allow customers to take advantage of Vodafone’s Internet of Things (IoT) platform. growing economy of things.

The economy of things is part of a broader trend towards the “internet of things” (IoT), in which everyday objects are connected to the internet and can communicate with each other. IoT is expected to be a $1.7 trillion market by 2022, and Vodafone’s Economy of Things platform is poised to capitalize on this growth. With its blockchain-based platform, Vodafone is well positioned to become a leader in the IoT market.

The economy of things is a major step forward for Vodafone and it has the potential to play an important role in the company’s future growth. By launching this platform, Vodafone is signaling its commitment to the IoT market and its determination to become a leading player in this rapidly growing space.

Enhanced EVs communication

Vodafone’s hometown of Newbury has come up with a prototype of the technology, allowing electric cars to communicate with compatible charging stations.

This platform, which will allow Vodafone Digital Asset Broker (DAB) verified connected devices to properly and securely exchange, including electric vehicles (EVs) to interact directly with charging stations as well as interactions between vehicles, machines, and IoT devices.

The Vodafone DAB platform provides a single access point for trusted vehicles or any other device to communicate with multiple parking lots or systems instead of costly and time consuming system integration. Blockchain allows electric cars (EVs) to transact directly with charging stations and many other utilities to do so securely. For the first time, this can allow us to monetize data sharing and use redundant resources with just a few simple clicks.

The Vodafone DAB platform may be best for:

1. Cities or towns looking to reduce traffic congestion by providing drivers with alternatives to parking, such as paying to park their car in a remote location outside city.

2. Homeowners who want to sell energy between themselves and businesses need to order and pay for replacement parts for automated equipment.

The Vodafone DAB platform is a breakthrough new development in the world of Internet of Things (IoT). With a blockchain-based platform, Vodafone is well positioned to become a leading company.

The Vodafone DAB platform is just the beginning. As the IoT market matures, it is likely that we will see more platforms like it emerge, each catering to a specific niche. Vodafone has been at the forefront of blockchain technology ventures among telecom companies when it announced its first ever ‘Merry Christmas’ auction under the name NFT last December. The company seems to have a clear goal of becoming an important player in the IoT market.