Vodafone has Introduced Blockchain-Based “Economy of Things” Platform

The IoT or Internet of Things is a technical term that defines the quality of the machines in an area to communicate with each other. However, Vodafone is taking IoT to a whole new level. The telecommunication services provider has recently introduced a new blockchain initiative called Digital Asset Broker or DAB.

The blockchain product is a novel idea in the cryptocurrency market. It will enable the electric objects to seamlessly connect and conduct financial transactions on behalf of a user. The entire process will happen automatically and requires little to no intervention from the owner of the vehicle. The important feature of the technology is to automate the financial interactions for humanity.

Vodafone CTO Says EoT will Expand to Everyday Objects

Johan Wibergh is the Chief Technology Officer at Vodafone Europe. Speaking to the media on the topic, he recently claimed that the expanse of the EoT or Economy of Things would expand to everyday objects like smartphones, vendors, and other static electronic objects. He further explained that with DAB, these devices would be able to perform automated verification and even authorized preset transactions.

He claimed that the company is optimistic about launching the pilot phase in African and European in-house markets. Another glaring feature of the technology is that it will perform financial transactions using secured and encrypted channels. It is easy to understand that with EoT, the users will be at low risk of getting scammed or hacked.

In the words of Jesse Morris, CEO of the Energy Web Foundation, the increasing use of electricity as a fuel source in the future. He claimed that with alternative energy, it is possible to reduce environmental pollution and stabilize the current geopolitical situation of the world. He also claimed that at present many users refrain from investing in an EV due to the fear of running out of charge.

He claimed that with the help of DOB, the users will have updated information about the nearest charging stations. He further claimed that at present many EV consumers find it difficult to search for renewable energy projects. With DAB, the information about green charging posts will be readily available for the users, and their vehicles will be able to perform the financial transactions without having to put in a lot of work.