More than 30 organizations including Microsoft, IBM and Nasdaq will form an alliance to build an international standard for tokenization
Microsoft, IBM, Nasdaq, Hyperledger and other technical and financial institutions announced the formation of the InterWork Alliance (IWA), planning to develop a token classification framework, InterWork framework and analysis framework for the tokenized ecosystem.
Original title: “Microsoft, IBM and Nasdaq and other organizations jointly build an international standard for
tokenization “ Author: Blockchain Research Center
On June 2, several well-known technology and financial institutions announced the formation of the InterWork Alliance (IWA) to develop global standards for the tokenized ecosystem.
At the launching ceremony, IWA published a list of members from more than 30 blockchain, technology and financial organizations around the world, including Microsoft, IBM, Nasdaq, Accenture, Hyperledger, R3, etc.
Distributed applications are affecting the global economy, and the different types of platforms have gradually hindered the application scale of tokenized assets. Therefore, business-level standardization is now required to enable different companies to agree on a distributed business model. IWA aims to set standards for building distributed applications. IWA said that most of the startups currently working on the tokenized ecosystem focus on their personal solutions and market their platforms to other companies. The development of global standards will help to concentrate this large-scale innovation and have a collective impact on companies.
IWA Chairman Ron Resnick said, “The company hopes to be able to create a token-based business model without regard to platform technology. For this approach to work, it is urgent to develop what is a token and how its contractual behavior works, etc. The alliance was created to carry out this important work. By bringing together outstanding technology and innovative business leaders to provide the market-driven specifications needed to promote interoperability, the alliance can provide an effective standard method, Make consumers trust this area.”
Help companies build a common framework
IWA plans to develop three different global standard frameworks for the tokenized ecosystem.
Token Taxonomy Framework : Provides a common language and toolset so that multiple parties can agree on the terms of the token definition and its use.
InterWork Framework (InterWork Framework) : Allows enterprises to build multi-party contracts based on standard clauses set by IWA that are globally recognized, so that no matter what technology the enterprise uses, it can define communication protocols and connect the communication protocols to the framework components.
Analysis Framework (Analytics Framework) : to help companies analyze multi-party contracts, and use artificial intelligence services and market-driven data reporting.
In this way, IWA will focus on interoperability between decentralized applications of different blockchain networks.
Standardization can drive larger adoption
Organizations joining IWA are highly optimistic about the prospect of introducing global standards into the token ecosystem and how they will promote distributed business models.
Microsoft Chief Architect Marley Gray pointed out that providing industry participants with token standards for various distributed technology use cases can help promote interoperability and promote widespread adoption.
Brian Behlendorf, executive director of Hyperledger, said, “Standards play a vital role in the evolution and adoption of any emerging technology. Distributed applications and token-based services will require a well-built framework to ensure that the solution is at the business level. Interoperability, regardless of the underlying technology platform.”
Nitin Gaur, head of the IBM WW Digital Asset Lab, believes, “The alliance not only helps lay the foundation for technology and business, but also helps lay the foundation for changing tokenization scenarios. A platform-neutral alliance for the entire industry Vital.”
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