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In an exciting move for the global trading world, Vodafone and Chainlink Labs have announced a collaboration. Notably, Sumitomo Corporation and InnoWave are also hopping onboard. Speculations are rife: Could this collaboration be behind Chainlink’s price spike?
For those in the loop with cryptocurrencies, Chainlink Labs is synonymous with its coin, LINK. Over the previous week, LINK witnessed a remarkable ascent, climbing a steep 45% in its valuation.
The new collaboration’s spotlight shines on Vodafone DAB, a rising digital asset broker. Established in 2022, Vodafone DAB transitioned under the umbrella of a new entity by May 2023. Vodafone holds onto a majority 80% of this venture, while Sumitomo, a Japanese giant, has the remaining 20% stake.
Looking at the technical side, the collaboration’s vision is to harness the power of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to streamline the global trading matrix.
The ambitious venture involves employing IoT devices integrated with CCIP for the seamless transfer of crucial trading documents. In simpler terms, it’s akin to using a mobile gadget to snap a picture and upload it onto a blockchain.
According to Vodafone DAB, this innovative approach promises heightened security and seamless data flow between different types of blockchains, with the project currently in its developmental stages.
Further solidifying the partnership, DAB has now aligned itself with Chainlink as a node operator. Thomas Trepanier, head of Chainlink Labs’ Capital Markets, said that bringing in a significant entity like Vodafone DAB is a game-changer for Chainlink Networks’ node operations. This collaboration bolsters their ability to merge off-chain data securely with the Chainlink Network, amplifying the growth of the blockchain industry.