Vodafone, Sumitomo Corporation launches economy of things venture

Vodafone, Sumitomo Corporation launches economy of things venture

Hannover, Lower Saxony, Germany - April 12, 2020: Logo of Vodafo

Vodafone and Sumitomo Corporation has established a new standalone business to drive the development of the economy of things.

Within this new global ecosystem, vehicles, devices and machines can interact and transact with each other via a secure digital platform, without human intervention, but with the owner in full control.

Devices, electric vehicles, smart street furniture such as real-time information displays, and machines connected to the platform can be quickly verified as trustworthy and then automatically allowed to exchange and trade data and money over secure and encrypted connections.

Vinod Kumar, CEO of Vodafone Business, said: “Sumitomo is the ideal partner to help drive the Economy of Things and associated new business opportunities for us, our customers, and partners.

“For example, a rental car could charge motorists on either a pay-as-you-drive or subscription basis; motorists of electric vehicles can receive real-time information on the availability of the nearest charging point and recharge effortlessly; and fleet management firms can automatically pay tolls.”

Under the agreement, Vodafone will transfer its new global Economy of Things platform called Digital Asset Broker (DAB), into the new business.

In turn, Sumitomo will invest in the new business and work with Vodafone to attract additional investors, partners and customers.

The initial shareholding of Vodafone and Sumitomo in the new venture will be 80% and 20% respectively and is subject to regulatory approval.

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