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.
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