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Microsoft, Nasdaq and Others to Set Global Tokenization Standards

9/13/2020

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Microsoft, IBM, Hyperledger, and other technology and financial organizations have formed an alliance to develop global standards for tokenized ecosystems. 

Microsoft’s principal architect, Marley Gray, and Enterprise Ethereum Alliance’s former executive director, Ron Resnick, recently launched the InterWork Alliance (IWA), a nonprofit organization aimed at bringing global standards to the token-based ecosystem.

At launch, the IWA included more than 28 blockchain, technology, and financial organizations from around the world, including Microsoft, Chainlink, Hyperledger, IBM, Nasdaq, Accenture, and others.

The IWA indicated that startups presently working on tokenized ecosystems are mostly focusing on their individual solutions and marketing their platforms to other businesses.

Setting global standards, it said, will help focus this wide-scale innovation to make a collective impact on businesses. Resnick, IWA’s president, stated:

“For this approach to work, standards are urgently needed around defining what a token is and how its contractual behaviors will work.”

Common Frameworks. InterWork Alliance plans to work on three different frameworks of global standards for tokenized ecosystems. First, the Token Taxonomy Framework will provide a common language and toolset so that multiple parties can agree on the same terms that define a token and its use. 

The InterWork Framework will help businesses compose multiparty contracts from standard, globally recognized clauses set by the IWA. Lastly, the Analytics Framework will help companies to analyze multiparty deals and utilize artificial intelligence services and market-driven data reporting.

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

Standardization for Wider Adoption. Organizations involved with the IWA are highly optimistic about how bringing global standards to the token ecosystem will further the adoption of distributed business models.

Gray noted that providing indstry participants with token standards for a variety of distributed technology use cases can help foster interoperability and drive widespread adoption. 

Brian Behlendorf, the executive director of Hyperledger (an IWA member), said:

“Standards play a critical role in the evolution and adoption of any emerging technology. Distributed applications and token-based services will require established frameworks that assure solutions interwork on the business level, regardless of underlying technology platforms.”
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“The Alliance will help establish a foundation not only for technology and business but for the changing tokenization landscape as well. A platform-neutral alliance is critical for the entire industry,” said Nitin Gaur, the director of IBM WW Digital Asset Labs.
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    Rick Richardson, CPA, CITP, CGMA

    Rick is the editor of the weekly newsletter, Technology This Week. You can subscribe to it by visiting the website.

    Rick is also the Managing Partner of Richardson Media & Technologies, LLC. Prior to forming his current company, he had a 28-year career in technology with Ernst & Young, the last twelve years of which he served as National Director of Technology.

    Mr. Richardson has been named to the "Technology 100"- the annual honors list of the 100 key achievers in technology in America. He has also been honored by the American Institute of CPAs with two Lifetime Achievement awards and a Special Career Recognition Award for his contributions to the profession in the field of technology.

    In 2012, Rick was inducted into the Accounting Hall of Fame by CPA Practice Advisor Magazine. He has also been named to the 100 most influential individuals in the accounting profession in America by Accounting Today magazine.

    In 2017, Rick was inducted as a Marquis Who’s Who Lifetime Achiever, a registry of professionals who have excelled in their fields for many years and achieved greatness in their industry.

    He is a sought after speaker around the world, providing his annual forecast of future technology trends to thousands of business executives, professionals, community leaders, educators and students.

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