Vodafone and Sumitomo announce brand for Economy of Things venture
Vodafone and Sumitomo Corporation unveiled Pairpoint, the new brand for their recently created venture previously known as Digital Asset Broker, which will help customers and business take advantage of the opportunities presented by the growing Economy of Things (EoT). The Economy of Things is the next evolution of connectivity in which devices can interact and trade securely. Pairpoint provides a safe environment in which these connected devices, machines and vehicles can now seamlessly and securely transact with each other without human intervention, but with the owner in full control.
While the Internet of Things (IoT) connects digital devices, independent research company STL Partners predicts that up to 3.3 billion of these connected devices will be trading directly by 2030, representing 10% of the overall Internet of Things (IoT) market.
Pairpoint leverages the geographical scale and experience of Vodafone’s IoT platform – one of the world’s largest, with over 160 million connections – with Sumitomo, one of the largest international trading and business investment companies. Pairpoint’s technology is built on the widely used Digital Asset Broker (DAB) service from Vodafone and can operate over any IoT Connectivity Platform to secure transactions made between devices without direct human intervention.
The launch of the new brand, Pairpoint, is the next step of a process started by both companies in May this year to set up a new stand-alone business that could unlock the business opportunities arising from the Economy of Things for customers and partners. It combines Vodafone’s unique DAB technology with Sumitomo’s ability to integrate the service across multiple business sectors, starting with electric vehicles (EV) which will be able to autonomously transact and communicate with charging stations from many providers.
Taking advantage of decentralized ledger technology, Pairpoint turns the device into a trusted agent while customers retain control over the services their devices interact with. And EV charging is just the start. Vodafone and Sumitomo are working with key industry partners like MasterCard and IBM to rapidly expand partnerships and widen the ecosystem to include other technology partners like public blockchains and different payment schemes, regardless of device or provider. Other uses include DAB-enabled devices talking directly with smart contracts across multiple parties, and customers subscribing to services offered directly by everyday machines such as toll roads and parking meters.
Jorge Bento, Pairpoint’s CEO said: “We are thrilled to announce Pairpoint, an exciting new venture between Sumitomo and Vodafone. Our innovative and market-tested Digital Asset Broker platform, coupled with Sumitomo’s vast commercial network, places Pairpoint in a unique position to unlock the full potential of the Economy of Things and create many business opportunities for our customers and partners.”
“Pairpoint comprises a team of highly qualified professionals with a start-up attitude backed by two strong parent organisations. We expect Pairpoint to bring more use cases to market across a diverse set of industries as the Economy of Things becomes commonplace.”
Pairpoint is the result of €60 million shared investment, with Vodafone and Sumitomo respectively owning 80% and 20% of the new company. Headquartered in London, and with offices in Lisbon, Pairpoint builds on two years of development work within Vodafone and now comprises 50 highly qualified professionals. To date, Pairpoint has established partnerships with a number of companies, including Mastercard, Deloitte, HSBC, Corda R3, TCS, IBM and Chainlink, to accelerate the adoption of this platform.
Pairpoint is based in the United Kingdom, with offices in London (UK) and Lisbon (Portugal). We are a well-funded series A company with an investment of 60 million euros from Vodafone Group and Sumitomo Group. We assume our role as a leader on the road to the Economy of Things (EoT).