Microsoft, IBM, HyperLeger, and other technology and finance organizations have formed unions to develop global standards for tokenization ecosystems. Marley Gray, chief architect of Microsoft, and Ron Resnick, former CEO of Enterprise Ethereum Alliance, launched the InterWork Alliance (IWA) in a joint memorandum of understanding on Tuesday. The organization aims to set global standards in a token-based ecosystem.
At the time of its launch, the IWA standard included more than 28 blockchain, technology and financial organizations around the world, including Microsoft, Chinlink, HyperLeger, iBeam, Nasdaq, Accenture, and more. IWA said startups now operating in tokenization ecosystems are more focused on their individual solutions and generally market their software platforms to other marketing businesses. According to the IWA, setting global standards will help to make this innovation more widespread on a large scale, which will have a collective impact on businesses. "IWA President Reznik said:
For this approach, standards are essentially needed to determine what token is used for what type of contract.
Help businesses in a common framework
This mutual understanding intends to operate in three different global standards for tokenization ecosystems. First, the Token Taxonomy Framework, which provides a common language and set of tools so that multiple parties can agree on the same terms that a token defines and uses. Second, the InterWork framework, which will help businesses with IWA, regulate multi-segment contracts consisting of standard and global clauses. Third, the Analytics Framework, which helps businesses analyze multi-segment contracts and use artificial intelligence services and market-oriented data reports. By doing so, IWA will eventually interact with decentralized applications across different blockchain networks.
Standardization for wider acceptance
Participating organizations in the IWA are very optimistic about the acceptance and acceptance of distributed business plans through the establishment of global standards in this token-based ecosystem. Gary noted that providing token standards to participants for a variety of distributed technology uses could lead to greater interoperability and acceptance. Brian Blendor, CEO of HyperLager and a member of IWA, said:
Standards play an important role in the evolution and adoption of any emerging technology. Distributed programs and token-based services require frameworks to ensure mutually exclusive solutions, regardless of the principles of the technological platform.
This understanding not only helps to create a foundation for technology and business, but also to change the landscape of tokenization. "IBM WW Digital Asset Laboratory Manager Natin Gore said:
An integrated and neutral platform is essential for the whole industry.