https://ift.tt/sHnU8oL has rolled out a new Blockchain-based “Economy of Things” platform

TL;DR Breakdown

• Vodafone has launched an ‘Economy of Things’ platform – the next-generation Internet of Things (IoT).
• The ‘Economy of Things’ enables electric vehicles (EV) to make direct payments with charging stations as well as other devices to conduct secure transactions.

Vodafone has launched a blockchain-powered platform that allows connected devices to execute safe automated transactions on behalf of customers. Dubbed the ‘Economy of Things,’ the new platform is based on IBM’s blockchain technology and will allow customers to securely conduct transactions with devices such as cars, homes, and appliances.

‘The Economy of Things’ essence to the customers

The Economy of Things will initially be used to pilot a program that allows drivers to pay for parking using their cars. The platform will also be used to allow homeowners to buy and sell energy among themselves, and to allow appliances to automatically order and pay for replacement parts. Vodafone plans to eventually extend the Economy of Things to include other services such as insurance, telecommunications, and transport.

According to a company statement, the new platform, dubbed Digital Asset Broker (DAB), draws on Vodafone’s Internet of Things (IoT) platform and will enable customers to take advantage of the evolving ‘Economy of Things.’

The Economy of Things is part of a broader trend toward the “internet of things” (IoT), in which everyday objects are connected to the internet and can communicate with each other. The IoT is expected to be a $1.7 trillion market by 2022, and Vodafone’s Economy of Things platform is poised to capitalize on this growth. With its blockchain-based platform, Vodafone is well-positioned to become a leading player in the IoT market.

The Economy of Things is a major development for Vodafone, and it is likely to play a key role in the company’s future growth. By launching this platform, Vodafone is signaling its commitment to the IoT market and its determination to become a leading player in this rapidly growing space.

EVs communications intensified

Vodafone’s home region of Newbury has put up a prototype of the technology, allowing electric cars to communicate with compatible charging stations.

The platform, which will allow Vodafone’s Digital Asset Broker (DAB) verified connected devices to exchange properly and securely, covers electric vehicles (EV) interacting directly with charging stations as well as inter-vehicle, machine, and IoT device interactions.

The Vodafone DAB platform offers a single point of access for trustworthy vehicles or any other device to communicate with multiple car parks or systems instead of expensive and time-consuming system integration. The Blockchain allows electric cars (EVs) to trade directly with charging stations, and many other gadgets to do so securely. For the first time, this could let us monetize data sharing and the use of spare resources with a few simple clicks.

The Vodafone DAB platform might be best for:

1. Cities or towns looking to reduce traffic congestion by offering drivers alternatives to parking, such as paying to leave their car in a remote location outside the city.

2. Homeowners who want to sell energy among themselves and businesses that need to order and pay for replacement parts for appliances automatically.

The Vodafone DAB platform is a groundbreaking new development in the world of the internet of things (IoT). With its blockchain-based platform, Vodafone is well-positioned to become a leading player.

The Vodafone DAB platform is just the beginning. As the IoT market matures, it’s likely that we’ll see more platforms like it emerge, each catering to a specific niche. Vodafone has been at the forefront in venturing into blockchain technology among the telecommunication companies as it announced auctioning of the first ‘Merry Christmas’ text as NFT last year December. The company seems to have a clear goal of being a significant player in the IoT market.