British multinational Vodafone has just announced a joint venture with Fortune Global 500 company Sumitomo to create a new company based on the Economy of Things.
What is the Economy of Things?
The Economy of Things (EoT) is the business end of the Internet of Things (IoT). It represents the digitization of physical assets that are placed on a global online marketplace.
Web 3 and AI have made it possible to use virtual assets and digital currencies in a decentralized economy, while fungible and non-fungible tokens (NFTs) make it possible to own digital assets that can be traded.
Through the Economy of Things, Vodafone’s new company Pairpoint will provide services as a Digital Assets Broker. Pairpoint will provide a secure digital platform to trade digitized assets such as vehicles, devices, and machines.
Pairpoint will leverage the geographical scale of Vodafone’s IoT platform, that is one of the world’s largest with over 160 million connections, while Sumitomo will use its large international trading and business investment platform.
Pairpoint will focus on the electric vehicles (EV) market which will be able to autonomously transact with charging stations from many providers through decentralized ledger technology.
Vodafone and Sumitomo are working with key industry partners like MasterCard, IBM, Deloitte, and HSBC to rapidly expand partnerships to include other tech partners like public blockchains and different payment schemes. 2