Last year Vodafone unveiled its Digital Asset Broker (DAB) blockchain network that enables IoT devices embedded in cars or machines to make financial transactions. Last week Vodafone said it is rolling DAB into a new Economy of Things joint venture with Sumitomo Corporation, retaining an 80% stake, but is looking for other investors and collaborators.
“Sumitomo is the ideal partner to help drive the Economy of Things and associated new business opportunities for us, our customers, and partners,” said Vinod Kumar, CEO of Vodafone Business. “For example, a rental car could charge motorists on either a pay-as-you-drive or subscription basis; motorists of electric vehicles can receive real-time information on the availability of the nearest charging point and recharge effortlessly; and fleet management firms can automatically pay tolls.”
The mention of vehicle applications is because the automotive and transport sectors are the primary ones targeted for the rollout, initially in the UK and Germany. The rest of Europe and North America will follow. Unsurprisingly, there will be discussions with Sumitomo subsidiary SCSK about creating a footprint in Asia, including Japan. Sumitomo and Vodafone have a broader strategic alliance, first announced in 2020.
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