InterWork Alliance Issues Guidance on Tokenization Standards for Voluntary Ecological Market

Free Downloadable IWA White Paper Provides Overview of the Voluntary Ecological Market and the Standards Needed to Tokenize its Supply, Demand, Buying, Trading, Offsetting, and Reporting Processes.

Wakefield, Mass. — June 9, 2021 — The InterWork Alliance (IWA), a platform-neutral, non-profit organization dedicated to creating the standards frameworks needed to increase innovation across token-enabled ecosystems, has released the IWA Voluntary Ecological Markets Overview white paper, as a free downloadable document. The IWA Sustainability Business Working Group’s Voluntary Ecological Markets (VEM) Taskforce members wrote the authoritative guide to provide the ecosystem with an overview of the VEM market, as well as actionable tokenization recommendations around supply, demand, buying and trading, offsetting, and reporting.

“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.”

IWA Sustainability Working Group and VEM task force members contributed to the development of the white paper, such as Accenture, AirCarbon Exchange, Atomyze, Climate Chain Coalition, DEKRA, Digital Asset, DTCC, Energy Web, ESMC, Hedera Hashgraph, ioBuilders, Microsoft, Nasdaq, Open Earth Foundation, Web3 Labs,, and XPansiv.

“We are proud of our members’ contributions to IWA’s white paper and initial open standards using the IWA frameworks, which are VEM-standardized token definitions and contracts in non-technical, business terms, that can be used by developers for coding on any platform of choice,” said IWA Chair Marley Gray. “Several members of the working group are working on implementations. For example, several applications building on the Hedera network are lending their support for the initiative and plan to incorporate the reference architecture into their ongoing implementations.”

“Collaboration is one of the key signals of the maturation of any industry, and the white paper and work being done by the InterWork Alliance on a number of fronts, particularly sustainability, signals keen interest in the 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, an IWA Sustainability Business Working Group and VEM Taskforce member. “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.”

Ongoing efforts by the IWA VEM Taskforce include collaborating with the Institute of International Finance Taskforce for Scaling Voluntary Carbon Markets and collecting requirements from subject matter experts in emissions, credit offsets and market infrastructure. The IWA VEM Taskforce is also contributing its findings to the Global Blockchain Business Council’s Global Standards Mapping Initiative (GSMI), helping to lead the effort in the Green Economy & Sustainability section of the GSMI.

About the IWA Sustainability Business Working Group and VEM Taskforce

The IWA Sustainability Business Working Group created the VEM Taskforce 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 (DLT) to create an auditable ecosystem. The same techniques and instruments defined for carbon can be repurposed for other ecological benefit types, such as water. Learn more about joining the IWA Sustainability Business Working Group and VEM taskforce by emailing or visiting

About the InterWork Alliance

The InterWork Alliance (IWA) is a non-profit, member-led organization creating platform-neutral specifications and trusted certification to define how digital token business processes can interwork regardless of location or market segment. By focusing on real-world projects, market requirements, and performance metrics, the IWA will define tokenization and interworking standards to drive business-level interoperability, multi-party interchange, and trust across applications and networks. Our global membership includes leaders, adopters, innovators, developers, and businesses representing the best practices for every use case the token-powered ecosystem has to offer. To join the IWA, please reach out to To learn more about the IWA, please reach out to or visit

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