New Member-led IWA Business Working Groups to Develop Trusted Token Solution Framework and Certification Program to Simplify the Digital Interchange of Tokenized Value Across Sectors
Wakefield, Mass. – October 22, 2020 – The InterWork Alliance (IWA) today announced the formation of two new member-led Business Working Groups (BWGs) that will focus on distributed ledger technology (DLT) security and the global trade and supply chain markets, respectively. The new, member-led IWA DLT Security BWG and IWA Global Trade & Supply Chain BWG (IWA GTSC BWG) will set the stage for fulfilling innovative tokenized business use cases, their contracts, and analysis across platforms.
The Chair of the newly formed IWA DLT Security BWG will be The Depository Trust & Clearing Corporation’s (DTCC’s) Director of the Security Technology Team, Bill Izzo. The Co-Chairs of the IWA GTSC BWG will be 2Tokens Executive Chairman Alex Bausch and Blocklab Director Aljosja Beije.
“By examining the contractual requirements of key global use cases, the new IWA Business Working Groups will set the stage for innovative tokenized business processes and their contracts to be fulfilled across platforms,” said IWA President Ron Resnick. “By leveraging certified trusted tokens, businesses can innovate their use cases – such as assuring customers that DLT-based financial services are safe from fraud, or making it easier for consumers to access a product’s supply chain history from raw materials to the point of sale. Congratulations to our newest IWA BWG Chairs, all proven leaders in their respective areas.”
IWA Business Working Groups to Advance Tokenization Across Key Markets
To realize tokenization’s full potential, businesses need trusted tokenized solutions certified to work across multiple ecosystems. Rather than a variety of organizations independently working on different approaches, the new IWA member-led business working groups will bring together a diverse set of players to establish a common framework and standards that can be adopted into the IWA’s formal frameworks and certified for use across ecosystems.
IWA DLT Security Business Working Group
The goal of the IWA DLT Security BWG is to contribute to the advancement of leading best practices for tokenized DLT platforms and the establishment of DLT security standards. The IWA DLT Security BWG will work to create a more auditable ecosystem.
“With the rapid development and use of distributed ledger technologies in the global financial services industry, tokenization could help to ensure that new sector-wide DLT systems are secure. In response, a primary focus of our working group will be around the development of tokenization standards,” said the IWA DLT Security BWG Chair, Bill Izzo. “The DLT Security Business Working Group will create a series of use cases for tokenization across the financial sector to reduce risk, decrease costs, and increase DLT security capabilities.”
IWA Global Trade & Supply Chain Business Working Group
The IWA GTSC BWG will focus on the tokenization of supply chain and global trade processes. By actively pursuing further development of the IWA technical frameworks, the group will apply those frameworks to actual use cases with IWA members.
“The IWA Global Trade & Supply Chain Business Working Group was founded based on the conviction that tokenization has the potential to radically transform many paper-based supply chain and global trade processes,” said IWA GTSC BWG Co-Chairs Alex Bausch of 2Tokens and Aljosja Beije of Blocklab. “While newly established, the group has started working on its first e-BL tokenization use-case, building on the TradeTrust project initiated by Port of Rotterdam, Port of Singapore, Infocomm Media Development Authority (IMDA) of Singapore, and Blocklab.”
According to the Co-Chairs, the IWA GTSC BWG will closely collaborate with the 2Tokens Foundation to ensure alignment with the existing e-BL token developed within the IWA Token Taxonomy Framework (TTF): “The IWA GTSC BWG will take an active role in the implementation of the existing e-BL token through real-life pilots and actively engage with authorities to promote the legal acceptance of digital tokens. We encourage those interested in this initiative to read the white paper for more in-depth information.”
In addition, the group will foster research into other token applications within the supply chain and global trade markets.
“Many throughout society and various industries argue we are living through the next industrial revolution, and so just as the steel mill replaced the windmill, supply chains can greatly benefit from tokenization to replace the paper-based process that is still the norm in the industry,” emphasized Bausch and Beije.
About the InterWork Alliance
The InterWork Alliance (IWA) is a non-profit, member-led organization creating platform-neutral specifications and trusted certification to define how digital token business processes can interwork regardless of location or market segment. By focusing on real-world projects, market requirements, and performance metrics, the IWA will define tokenization and interworking standards to drive business-level interoperability, multi-party interchange, and trust across applications and networks. Our global membership includes leaders, adopters, innovators, developers, and businesses representing the best practices for every use case the token-powered ecosystem has to offer. To join the IWA, please reach out to membership@InterWork.org. To learn more about the IWA, please reach out to info@InterWork.org or visit https://interwork.org/.