Tech giants Microsoft and IBM are two of the companies focused on accelerating innovation across a myriad of token ecosystems. Chainlink, which provides a network to securely connect external data across different blockchains, is also one of the more than 20 companies launching the InterWork Alliance, a new non-profit organization that plans to streamline the complex cryptosphere and world of tokenized assets by building standards and frameworks.
With thousands of cryptocurrencies trading across multiple platforms, along with all sorts of tokens representing data and transferring data, tech giants and enterprises are trying to bring order to the explosion of innovation by creating standards that allow consumers to engage in the new digital economy with ease and confidence.
The move underscores a growing effort among enterprises to use digital assets of all kinds, from cryptocurrencies to tokenized loyalty points, real estate and artwork, in a standardized environment.
According to the announcement,
“What is required is standardization at the business level, which would allow companies to be able to agree on distributed business models without choosing a platform first. The InterWork Alliance will set the standards for building distributed applications, including appropriate frameworks for tokenizing items of value, writing contracts over those tokens, and privacy-preserving analytics of multi-party data.”
Says InterWork Alliance President Ron Resnick,
“Companies want to be able to create token-based business models without having a platform technology in mind. For this approach to work, standards are urgently needed around defining what a token is and how its contractual behaviors will work. … the Alliance can deliver a proven, standard approach that is required to bring consumer trust into this space.”
Launch members include Accenture, R3, ING, Nasdaq, Neo and Hedera Hashgraph, among others.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Who is Danny/Sergey Tarasov
