Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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The IOTA Foundation, the World Economic Forum, and four more global partners have launched the TWIN Foundation to jointly oversee the Trade Worldwide Information Network (TWIN), a decentralized, open-source infrastructure that aims to make global trade more efficient, transparent, and inclusive. The three co-founders are the Tony Blair Institute for Global Change, TradeMark Africa, the Global Alliance for Trade Facilitation, and the Chartered Institute of Export and International Trade.
According to the announcement shared with Cryptonews, the six founders bring to the table expertise across the board. This includes policy, technology, trade facilitation, and development. With this announcement, the coalition has begun the Foundation’s public phase. They have additional developments and implementations in the pipeline.
Notably, the initiative will utilize crypto to “counterbalance” US President Donald Trump’s “inefficient trade policies” and tariff effects. It is “doing the opposite of Trump and connecting the world while making trade more efficient,” an email said.
Furthermore, there is the issue of the fragmentation and inefficiency plaguing international trade. This is particularly the case for developing markets and small exporters. “Global trade is long overdue for modernization,” the partners argue.
Therefore, TWIN aims to provide an open, interoperable, and inclusive foundation for data sharing and collaboration across borders, says the announcement.
Additionally, it will offer a framework for innovators to bring novel digital trade services. It will provide governments with “improved visibility and smarter border management,” while the private sector gets new efficiencies and business models.
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A Globally Connected Network of Trade Ecosystems
According to the coalition, TWIN is unique due to its decentralized, multi-system capability. Trade ecosystems on TWIN communicate seamlessly with each other, thus creating a globally connected network. This further enables “more collaboration, innovation, and efficiency,” they note.
Furthermore, powered by IOTA’s recent Rebased upgrade, TWIN leverages decentralization and tokenization, as well as standards for Dataspaces like Gaia-X. The move enables IOTA solutions such as Self-Sovereign Identity and Digital Product Passports.
Meanwhile, the TWIN Foundation will manage TWIN’s technical development, operational design, innovation, standardization, infrastructure maintenance, and ecosystem growth.
The announcement highlighted other specific areas it will focus on. First, TWIN technology will be available as an open-source digital infrastructure for the public good, it says.
Moreover, the Foundation will work to develop and implement standards and best practices for distributed ledger technologies (DLTs) and related innovations. It will also seek partnerships with like-minded organizations.
Finally, it will share knowledge and best practices with ecosystem builders to enhance TWIN management and implementation. Also, the Foundation will raise funds and work to recover costs to ensure the financial sustainability of its operations.
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