Hedera Hashgraph and Application Partners Collaborate with The InterWork Alliance on Sustainability Working Group Key Initiatives

By AIT News Desk On Jun 10, 2021

Hedera Contributors Help Author Voluntary Ecological Markets White Paper; Eco-Friendly Dapps Utilizing Reference Architecture in their Implementations

Hedera Hashgraph, the most used enterprise-grade public network for the decentralized economy, is pleased to be a member contributor to the newly released Voluntary Ecological Markets Overview whitepaper, published by the InterWork Alliance Sustainability Business Working Group. In addition, a number of applications building on the Hedera network are lending their support for the initiative, and plan to incorporate the reference architecture into their ongoing implementations.

The InterWork Alliance created the Voluntary Ecological Markets Taskforce (VEM) to define the standards for tokenization of key elements for carbon credits, including contractual extensions, workflows, and analytics for creating a standards-based ecological market. These standards, based on the IWA’s Token Taxonomy Framework (for token standards) and InterWork Framework (for smart contract standards), will serve as foundations for using distributed ledger technologies (DLTs) to create an auditable ecosystem. The same techniques and instruments defined for carbon can be repurposed for other ecological benefit types, such as water.

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In addition to Hedera staff working with other members of the IWA to define the standard, numerous applications building and running on the Hedera network, including those from atma.io, an Avery Dennison digital venture, EDF, Envision Blockchain, Dovu, Recdefi and SUKU, plan to leverage this architecture in their offerings.

“Interwork Alliance members are continuously working together to articulate a path for addressing the industry’s token standardization needs,” said Darko Pilav, Interwork Alliance Sustainability Business Working Group Chair and Director of Client Experience Engineering at Digital Asset. “This white paper is an important piece of work that will help standardize the ways businesses deliver anticipated voluntary ecological market tokenization benefits to the ecosystem. Our role is to define the standards needed for tokenization across sustainable initiatives. The great effort put forward by the sustainability working group and the voluntary ecological task force to deliver these guidelines is one of many initiatives we are addressing today.”

“Collaboration is one of the key signals of the maturation of any industry, and the work being done by the InterWork Alliance on a number of fronts, particularly sustainability, signals keen interest in adoption of distributed ledger technology to deliver on the promise of carbon credits and other sustainable development initiatives,” said Ken Anderson, Chief Developer Advocate for Hedera Hashgraph. “We are pleased to contribute to this important industry initiative, especially around the areas of token specifications to define ‘what is a carbon credit’, and how to provide granular auditability of tokens. It is also great validation that our ecosystem is already actively leveraging the token taxonomy initiative and native capabilities of the Hedera network to leverage tokenized carbon credits and usher in an era of transparent sustainability at scale.”