Tokenization has given rise to the “Internet of Value,” an era in which financial assets — or any assets with underlying value — can be easily transferred peer-to-peer over the internet. While revolutionary, tokenization has largely remained a concept embedded strictly within the cryptocurrency space. Yet as the need for digitized processes continues to impact multiple sectors, tokenization could become a game changer for global digitalization.
In order to drive mainstream adoption, the InterWork Alliance — a nonprofit organization dedicated to creating global standards for tokenized ecosystems — has announced the formation of two new member-led business working groups. The Distributed Ledger Technology Security and the Global Trade and Supply Chain, both of which will focus on creating standards for the security of tokens being used in financial services.
Security standards needed
Electronic bills of lading tokenized
Challenges hamper mainstream adoption
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