Internet of Value Task Force
Lead: Adrian Hope-Bailie
- Manu Sporny
- Evan Schwartz
Tag: [iov] (all emails related to this task force should have this tag in the subject line)
Note that this task force's role is as liaison with the Internet of Value Community Group where the primary research and development work for the Internet of Value will take place. The proposed charter for the CG is here
Today's payment networks are disconnected like the documentation systems that the Web sought to connect. This task force will explore how the web can connect new and existing value networks and enable cross-network clearing and settlement that is secure, low-cost, and fast. The central question will be how standardization could make web payment mechanisms more interoperable, accessible and competitive.
For example, our focus on web payments standards today center around identifying the common payment instrument between customers and merchants. What if there is no common payment instrument or network? What if the Web could enable cross-network payments such that users and merchants would never have to worry about whether they have the same payment instruments in order to do business?
What if there was an open standard payment scheme designed to work entirely on the Web?
At the W3C Web Payments IG Face to Face in New York (June 2015) members of the task force presented a discussion around Web Settlement which can be downloaded from here: Web Settlement Presentation - New York - June 2015
This task force seeks to engage banks, payment networks, other payment service providers, cryptocurrency companies, merchants, central banks, regulators, clearing houses, and all others interested in developing an open standard payment scheme for the Web.
Members of the Web Payments Interest Group have assisted in putting together a manifesto that describes the Internet of Value vision and calls on stakeholders to pledge their commitment to these ideals.
View a working copy of the manifesto here
Scope of work
The majority of the the work in this domain will be undertaken under the W3C community group structure, specifically within the Internet of Value Community Group. The task force will be the liason between the Web Payments IG and the Internet of Value CG.
Improving global clearing and settlement is a long term project that this task force does not expect to accomplish in a matter of months. However, we believe there is an excellent opportunity for the Web, enabled by open W3C standards, to begin to move value as frictionlessly as information moves today.
Interested? Come join the Internet of Value CG Email the Interest Group mailing list with this task force's tag or reach out to firstname.lastname@example.org