Vodafone's Digital Asset Broker (DAB), an IoT-monetisation platform, is set to connect with Aventus' blockchain engine. This partnership will enable enterprises and partners to benefit from secure blockchain technology for trading and exchanging data, primarily targeting the aviation industry.
Established in 2016 by two Imperial College post-graduates, Aventus initially sought to address fraud in the event ticketing industry through a distributed ledger protocol and crypto token based on the Ethereum blockchain. Over the years, it has transformed into a proof-of-stake web3 layer-two Ethereum network, actively used in the gaming and supply chain sectors, and operates a custom 'parachain' blockchain on the Polkadot network.
Vodafone and Aventus will collaborate to explore potential enterprise use cases. Currently, they are working on a blockchain-IoT solution that equips 'cargo tracking pods' with SIM cards to prevent the loss of cargo pods in the aviation industry, an issue costing approximately $400 million annually.
Aventus already has an agreement with Heathrow Airport where its blockchain solutions are employed to manage aircraft unit load devices for tracking luggage, freight, and mail. As an initial step, the two companies will establish a bridge between Vodafone DAB and the Aventus network, which links to the broader blockchain ecosystem through the Polkadot platform.
Vodafone's DAB, launched last year and spun off as a separate business in May, will join the Aventus network as a 'validator,' contributing to the network's security and decentralization. Both companies are excited about the partnership and the potential of combining Blockchain, IoT, and Web3 to revolutionize business operations and customer interactions.
According to a report by Vodafone, it is estimated that by the end of the decade, up to 3.3 billion IoT devices will be participating in the 'economy of things,' a significant leap from the 88 million devices in 2024. The predicted compound annual growth rate (CAGR) for this 'economy of things' is 68 percent per year.
In a recent move, Vodafone announced a joint venture with Sumitomo Corporation, aimed at propelling the 'economy of things.' In this venture, Vodafone has brought its DAB platform to the table, while Sumitomo has invested in the business, with plans to attract more investors, partners, and customers.
