Yesterday Vodafone announced its Digital Asset Broker (DAB) blockchain network to enable IoT devices to make financial transactions. Blockchain non-profit Energy Web and Mastercard participated in a trial where electric vehicles (EVs) autonomously communicate with charging stations to exchange information and pay for transactions.
Vodafone’s DAB platform targets the so-called Economy of Things, where IoT devices can transact and pay for services autonomously. It’s estimated there are currently 13.8 billion IoT devices which is expected to rise to 30.9 billion by 2025.
Application examples include a car paying for parking, pay-as-you-go rental car charging, smart electricity meters and even a coffee machine ordering refills. In the trial launched yesterday in Newbury, UK, Energy Web enables electric cars to communicate with charging stations to determine whether it provides energy sourced from renewables. Suppose it does, and the car is compatible, it can execute the transaction without human intervention – apart from the physical plugging in the charger – and make the payment using the Mastercard network.
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