Vodafone launched its Digital Asset Broker (DAB) blockchain network in 2022 with the aim of linking IoT devices to make financial transactions. Since then Sumitomo invested in the joint venture which has rebranded to PairPoint. Last week PairPoint’s Chief Product Officer David Palmer told Yahoo Finance that it uses DAB and account abstraction to link to tokenized deposit networks such as Onyx by JP Morgan.
Digital Asset Broker provides blockchain middleware, so apps don’t interact with the blockchain directly. “We act as a middleman for large enterprises that wish to write to a public blockchain,” Palmer said. “These large financial services (firms) can link to Vodafone’s blockchain, it is logged there and then a smart contract using things like account abstraction, allows cross chain interoperability.”
So far PairPoint has focused on the economy of things using a SIM card with additional software to add an identity layer to an IoT device, turning it into a device passport. Partners have particularly utilized it for automotive applications and cargo tracking.
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