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Microsoft, Nasdaq and others set global standards for tokenization

June 2, 2020

Microsoft chief architect Marley Gray and former director of the Enterprise Ethereum Alliance, Ron Resnick, have that today InterWork Alliance (IWA), a non-profit organization that aims to provide global standards for the token-based ecosystem.

At the time of launch IWA has more than 28 blockchain, technology and financial organizations worldwideThese include Microsoft, Chainlink, Hyperledger, IBM, Nasdaq, Accenture and others.

The IWA indicates this Start-ups that are currently working in tokenized ecosystems mainly focus on their individual solutions and in marketing its platforms to other companies.

Microsoft, Nasdaq and others set global standards for tokenizationMicrosoft, Nasdaq and others set global standards for tokenization

Setting global standards will help focus this large-scale innovation to have a collective impact on the business.. IWA President Ron Resnick said:

“For this approach to work, standards are urgently needed to define what a token is and how its contractual behavior works.”

Supporting companies with a common framework

The InterWork Alliance plans to work on three different framework conditions for global standards for tokenized ecosystems. First, The Token Taxonomy Framework provides a common language and a set of tools so that multiple parties can agree on the same terms that define a token and how it is used.

The interactive framework will help companies create multi-party contracts from standard clauses, recognized worldwide, founded by the IWA. At the end The Analytical Framework helps companies analyze multi-party contracts and use AI services and market-driven data reports.

With them the Finally, IWA will work on the interoperability between decentralized applications from different blockchain networks.

Standardization for a wider application

Organizations participating in the IWA are very optimistic about how global standards can be integrated into the token ecosystem to encourage the adoption of distributed business models.

Marley Gray notes that Providing token standards for industry participants for a variety of distributed technology use cases can promote interoperability and drive adoption widespread.

Brian Behlendorf, the CEO of Hyperledger – an IWA member – said:

“Standards play a crucial role in the development and introduction of new technologies. Distributed applications and token-based services require established frameworks that ensure that solutions work together at the enterprise level, regardless of the underlying technology platforms. “

“”The alliance will help create a foundation not only for technology and companies, but also for the changing tokenization landscape. A platform-neutral alliance is critical to the entire industry, “said Nitin Gaur, director of IBM WW Digital Asset Labs.

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