Vodafone’s burgeoning IoT-monetisation (‘economy of things’) platform, called Digital Asset Broker (DAB), is to be connected to UK web3 enablement company Aventus’ blockchain engine. The two companies said they will help enterprises and partners to take advantage of secure blockchain tech when trading and exchanging data. Initially, they will target enterprises in the aviation sector with the promise to improve the security and reliability of their supply chains. Vodafone claims “access to more than 160 million connections worldwide” on its DAB platform.
Aventus, started in 2016 by two Imperial College post-grads with private equity money and crowd-funds, was originally conceived as a distributed ledger protocol and crypto token based on the Ethereum blockchain to tackle fraud in the events-ticketing industry. It has since developed into a proof-of-stake Web3 layer-two Etherum network in the gaming and supply chain industries, with a custom ‘parachain’ blockchain on the Polkadot network as well. It pitches as a web3-enabling service for enterprises to join the co-called ‘economy of things’.
The two companies will “collaborate on enterprise use cases”. Aventus already presents itself as a blockchain consultancy to “scope-out potential use cases”, customise web3 services from its “suite of modular… architecture”, and onboard enterprises onto blockchains. They are developing a blockchain-IoT solution to equip ‘cargo tracking pods’ (containers; see main image) with SIM cards. Their joint solution will stem the loss of cargo pods in the aviation industry; up to 10 percent go missing annually, they said, costing about $400 million. Aventus has a deal with Heathrow Airport, already.
A statement explained: “It builds on Aventus’ existing relationships at Heathrow Airport where Aventus’ blockchain solutions are used to manage aircraft unit load devices for tracking luggage, freight, and mail. Aventus offers solutions that incorporate IoT and secure… public blockchains, which provide a digital record or ledger of online transactions. As a first step, the two companies will establish a bridge between Vodafone DAB and the Aventus network, which connects to the wider blockchain ecosystem via the Polkadot platform.”
It continued: “By connecting to the Aventus network, business customers and strategic partners of Vodafone DAB can access and interoperate with many trusted public blockchains in a controlled and secure way using the DAB IoT Identity Passport. Any trusted device connected to Vodafone DAB is assigned a unique identity passport and then, using secure links, is automatically allowed to trade data and money from different organisations and ecosystems – like an electric vehicle securely transacting with a charging point.”
Vodafone DAB, launched at MWC last year and spun-off as a standalone business in May, will join the Aventus network as a ‘validator’ – to help to “secure the network and contribute to its decentralisation”. Jorge Bento, chief executive of DAB, said: “Through our strategic partnership with Aventus, we can help businesses and third-party providers securely adopt, and benefit from, Web3 services through the Vodafone DAB platform. Addressing the needs of the airlines is a start, and we look forward to exploring many other opportunities with Aventus.”
Alan Vey, founder and chief executive at Aventus, commented: “We are excited to be partnering with Vodafone DAB. Combining Blockchain, IoT and Web3 has the potential to overhaul the way businesses operate and interact with their customers, bringing huge efficiencies and benefits. Those willing to understand and leverage it today have the unique opportunity to shape tomorrow’s digital landscape.”
In June, Vodafone issued a report, written by telecoms consultancy STL Partners, that there will be (up to) 3.3 billion IoT devices variously trading with each other in an ‘economy of things’ by the end of the decade. The number is a colossal jump from just 88 million devices in 2024, suggests STL; in total, it says 10 percent of the entire IoT market – putting the IoT market at 33 billion devices by 2030 – will autonomously interconnect and inter-trade. The compound growth rate for this ‘economy of things’ will be 68 percent per year (CAGR) in the period.
In May, the UK operator announced an 80/20 standalone joint-venture with Japanese trading and electric services company Sumitomo Corporation to drive the development of the ‘economy of things’. Vodafone has contributed its blockchain-based DAB platform to the venture; Sumitomo has invested in the business and will also draw-in additional investors, partners, and customers.
