Aventus, founded in 2016 by two Imperial College post-graduates, initially centered on addressing fraud in the events-ticketing industry through a distributed ledger protocol and crypto token based on the Ethereum blockchain. However, it has since evolved into a web3 layer-two Ethereum network, catering to the gaming and supply chain industries. Additionally, Aventus has established a custom ‘parachain’ blockchain on the Polkadot network, positioning itself as a web3-enabling service for enterprises entering the “economy of things.”
The partnership between Vodafone and Aventus will concentrate on exploring and implementing enterprise use cases. As a blockchain consultancy, Aventus will evaluate potential use cases, tailor web3 services from its modular architecture, and facilitate the integration of enterprises onto blockchain platforms. One of their collaborative projects involves equipping “cargo tracking pods” (containers) with SIM cards to address the aviation industry’s challenge of lost cargo pods, which account for approximately 10% of annual losses amounting to around $400 million.
Heathrow Airport has already engaged with Aventus for managing aircraft unit load devices and tracking luggage, freight, and mail using blockchain solutions. The collaboration between Vodafone’s DAB and Aventus aims to establish a bridge between their platforms to connect to a wider blockchain ecosystem through the Polkadot platform.
Through this integration, business customers and strategic partners of Vodafone DAB will gain access to various trusted public blockchains in a controlled and secure manner, utilizing the DAB IoT Identity Passport. This passport assigns a unique identity to trusted devices connected to Vodafone DAB, allowing them to conduct secure data and monetary transactions with different organizations and ecosystems. For instance, electric vehicles can securely transact with charging points through this blockchain-enabled system.
Vodafone DAB, initially launched at MWC (Mobile World Congress) in the previous year and later established as a standalone business in May, will act as a ‘validator’ on the Aventus network, contributing to its security and decentralization. Jorge Bento, Chief Executive of DAB, expressed his excitement about the partnership and its potential to drive the adoption of Web3 services through Vodafone DAB.
Alan Vey, Founder, and Chief Executive at Aventus shared similar sentiments, stating that the combination of Blockchain, IoT, and Web3 has the potential to revolutionize business operations and customer interactions, yielding significant efficiencies and benefits.
A report issued by Vodafone in June, authored by telecoms consultancy STL Partners, predicts a staggering increase in IoT devices participating in an ‘economy of things’ by the end of the decade. The report estimates up to 3.3 billion IoT devices engaging in autonomous inter-trading, representing a massive jump from 88 million devices in 2024. This projection indicates that by 2030, 10% of the entire IoT market (approximately 33 billion devices) will be interconnected and autonomously trading with each other, growing at a compounded annual growth rate (CAGR) of 68%.
Vodafone is actively pursuing the development of the ‘economy of things’ through an 80/20 standalone joint venture with Sumitomo Corporation, a Japanese trading and electric services company. Vodafone’s contribution to the venture includes its blockchain-based DAB platform. Sumitomo Corporation has invested in the business and is poised to attract additional investors, partners, and customers to accelerate the growth of this transformative economy.
In conclusion, the strategic partnership between Vodafone and Aventus holds significant promise for revolutionizing enterprise-level blockchain applications, particularly in the aviation sector, and driving the advancement of secure and efficient IoT-enabled trading. As the ‘economy of things’ gains momentum, enterprises stand to benefit from the integration of cutting-edge blockchain technology and IoT solutions, fostering a more connected and agile business ecosystem.