The launch of the TWIN Foundation by the IOTA Foundation, the World Economic Forum, and four other global partners marks a significant step towards revolutionizing global trade. The Trade Worldwide Information Network (TWIN) is an open-source infrastructure aimed at enhancing the efficiency, transparency, and inclusivity of global trade.
The three co-founders of the TWIN Foundation – the Tony Blair Institute for Global Change, TradeMark Africa, the Global Alliance for Trade Facilitation, and the Chartered Institute of Export and International Trade – bring a wealth of expertise in policy, technology, trade facilitation, and development to the table. This diverse coalition is now entering the public phase of the Foundation, with exciting developments and implementations on the horizon.
One of the key objectives of the TWIN Foundation is to utilize cryptocurrency to counterbalance the effects of inefficient trade policies and tariffs, particularly those implemented by US President Donald Trump. By fostering connectivity and efficiency in global trade, the Foundation aims to modernize and streamline the international trade landscape, especially for developing markets and small exporters.
TWIN is designed to provide an open, interoperable, and inclusive platform for data sharing and collaboration across borders. It offers a framework for innovators to introduce new digital trade services and provides governments with improved visibility and smarter border management. The private sector stands to benefit from increased efficiencies and new business models as a result of TWIN’s initiatives.
A key feature of TWIN is its decentralized, multi-system capability, which enables seamless communication between trade ecosystems on a global scale. Leveraging IOTA’s Rebased upgrade, TWIN incorporates decentralization, tokenization, and standards for Dataspaces like Gaia-X, facilitating solutions such as Self-Sovereign Identity and Digital Product Passports.
The TWIN Foundation will oversee the technical development, operational design, innovation, standardization, infrastructure maintenance, and ecosystem growth of TWIN. It will focus on providing TWIN technology as open-source digital infrastructure, developing standards for distributed ledger technologies, forging partnerships with like-minded organizations, and sharing knowledge and best practices with ecosystem builders to enhance TWIN management and implementation.
In conclusion, the launch of the TWIN Foundation represents a significant milestone in the quest to modernize and streamline global trade. By leveraging cutting-edge technologies and fostering collaboration across borders, TWIN aims to create a more efficient, transparent, and inclusive global trade ecosystem for the benefit of all stakeholders involved.