Mastercard, Energy Web partner of Vodafone’s new IoT blockchain – Ledger Insights

Vodafone’s DAB platform targets the so-called thing economy, where IoT devices can perform transactions and pay for services autonomously. It is estimated that there are currently 13.8 billion IoT devices, which are expected to reach 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 allows electric cars to communicate with charging stations to determine if they are delivering power from renewables. Assuming this is the case and the car is compatible, it can execute the transaction without human intervention – apart from the physical connection of the charger – and make the payment via the Mastercard network.

The telecom giant describes the Digital Asset Broker (DAB) as the blockchain of blockchains. At its heart is the simple SIM card, which is upgraded with a DAB passport to a DAB SIM card via a small piece of software. Then the digital identity is used to control which devices can interact with others. And the DAB platform provides a transaction layer for microtransactions.

“If you wanted your connected car to communicate with a parking lot, the two companies would have to come together to create and integrate APIs and software to exchange the data. It’s very expensive, takes a long time to develop and every time you ‘there’s a variation, you have to build more software and do more testing,’ said Jorge Bento, IoT technology manager at Vodafone.

“This is where our Digital Asset Broker platform can help. By integrating Blockchain technology with the IoT, we can make devices trustworthy, allowing them to be authorized to transact across multiple different systems.

Others are also using blockchain for the economy of things (EoT). Bosch is an early promoter and has been involved in an industrial asset finance initiative, alongside Boerse Stuttgart and Daimler Mobility. It is also in partnership with the EoT startup Fetch.ai. And the mobility consortium MOBI is working on the new economy of movement, focusing on the object economy for all things travel.

Yesterday, Vodafone announced its Digital Asset Broker (DAB) blockchain network to enable IoT devices to perform financial transactions. Blockchain nonprofit 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 thing economy, where IoT devices can perform transactions and pay for services autonomously. It is estimated that there are currently 13.8 billion IoT devices, which are expected to reach 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 allows electric cars to communicate with charging stations to determine if they are delivering power from renewables. Assuming this is the case and the car is compatible, it can execute the transaction without human intervention – apart from the physical connection of the charger – and make the payment via the Mastercard network.

The telecom giant describes the Digital Asset Broker (DAB) as the blockchain of blockchains. At its heart is the simple SIM card, which is upgraded with a DAB passport to a DAB SIM card via a small piece of software. Then the digital identity is used to control which devices can interact with others. And the DAB platform provides a transaction layer for microtransactions.

“If you wanted your connected car to communicate with a parking lot, the two companies would have to come together to create and integrate APIs and software to exchange the data. It’s very expensive, takes a long time to develop and every time you ‘there’s a variation, you have to build more software and do more testing,’ said Jorge Bento, IoT technology manager at Vodafone.

“This is where our Digital Asset Broker platform can help. By integrating Blockchain technology with the IoT, we can make devices trustworthy, allowing them to be authorized to transact across multiple different systems.

Others are also using blockchain for the economy of things (EoT). Bosch is an early promoter and has been involved in an industrial asset finance initiative, alongside Boerse Stuttgart and Daimler Mobility. It is also in partnership with the EoT startup Fetch.ai. And the mobility consortium MOBI is working on the new economy of movement, focusing on the object economy for all things travel.