The InterWork Alliance (IWA), the association that plans to standardize tokenized assets and multi party contracts, has set up two new working groups. One will focus on DLT security and the other on global trade & supply chain. The other existing business working group covers sustainability and standardizing carbon offsets. Numerous major brands are members of the IWA, including Accenture and Microsoft.
The DTCC, responsible for processing $2 quadrillion of securities transactions in 2019, will lead the DLT security working group. Earlier this year, the company published a whitepaper on the topic.
“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.”
Meanwhile, the global trade and supply chain group is to be led by 2Tokens and Blocklab. “While newly established, the group has started working on its first e-BL (electronic bill of lading) 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,” said Alex Bausch of 2Tokens and Aljosja Beije of Blocklab.
However, there are already some e-BL standards in progress. The Digital Container Shipping Association (DCSA), which represents nine major container shipping firms, has been working on a standard for months.
Another IWA member is blockchain tech firm R3, which earlier this week announced it had acquired an eBL company, Singapore’s E-Title Authority. Given its likely E-Title and TradeTrust use different eBL specifications, this could be a good collaboration test.
