Tech giants Microsoft and IBM are two of the companies that focus on accelerating innovation across many token ecosystems. Chainlink, which provides a network for securely connecting external data between different blockchains, is also one of more than 20 companies launching the InterWork Alliance, a new nonprofit that plans to explore the complex cryptosphere and world of tokenized assets streamline by building standards and frameworks.
With thousands of cryptocurrencies traded across multiple platforms, along with a variety of tokens representing data and transferring data, tech giants and companies are trying to bring order to the explosion of innovation by creating standards that enable consumers to easily participate in the new digital economy and confidence.
This move underscores a growing effort by companies to use all kinds of digital assets, from cryptocurrencies to tokenized loyalty points, real estate and artwork, in a standardized environment.
According to the Announcement,
“What is needed is standardization at the corporate level, which allows companies to agree on distributed business models without first choosing a platform. The InterWork Alliance will set the standards for building distributed applications, including appropriate frameworks for tokenizing valuable items, writing contracts about those tokens, and preserving the privacy of multi-party data analysis. ”
Ron Resnick, President of the InterWork Alliance, says:
“Businesses want to be able to create token-based business models without having platform technology in mind. For this approach to work, standards are urgently needed to define what a token is and how its contractual behavior will work. … Can provide the alliance with a proven, standard approach needed to bring consumer confidence into this space. ”
Launch members include Accenture, R3, ING, Nasdaq, Neo and Hedera Hashgraph.
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