What happened?
The IOTA Foundation, in collaboration with the World Economic Forum and four other global partners, has launched the TWIN Foundation to manage the Trade Worldwide Information Network (TWIN), a decentralized, open-source platform aimed at streamlining global trade. The TWIN Foundation’s co-founders include the Tony Blair Institute for Global Change, TradeMark Africa, the Global Alliance for Trade Facilitation, and the Chartered Institute of Export and International Trade. This coalition aims to enhance efficiency, transparency, and inclusivity in global trade by leveraging expertise in policy, technology, and development.
Who does this affect?
The launch of TWIN primarily affects international traders, governments, and businesses involved in cross-border commerce. It seeks to assist developing markets and smaller exporters who struggle with fragmentation and inefficiency in global trade. The initiative also offers a platform for innovators and provides governments with tools for improved border management, thereby benefiting various stakeholders in the global trade ecosystem.
Why does this matter?
This initiative is significant for the market as it introduces new efficiencies and business models by fostering a globally connected network of trade ecosystems. By utilizing decentralized technologies and IOTA’s recent Rebased upgrade, TWIN aims to drive collaboration, innovation, and efficiency in trade operations. Furthermore, its focus on counterbalancing perceived inefficiencies in existing trade policies could potentially reshape market dynamics and foster more inclusive international trade practices.