The blockchain and cryptocurrency industries are advancing at blinding speeds. Every now and then there is a story of something huge happening. The very foundations of a future world are being laid down in front of our eyes. Of course, this bodes very well for all the participants in the industry right now. Especially when it includes industry heavyweights like Microsoft, IBM, and Hyperledger.
Recently, they have announced an alliance with other technology and financial companies to develop global standards for tokenized systems. The alliance is called InterWork Alliance and it is set to be a nonprofit organization. If their mission succeeds, the entire world could be introduced to the tokenized economy. It would be a huge transition from the current systems.
The InterWork Alliance
It was officially launched on Tuesday by Microsoft’s principal architect, Marley Gray, and Enterprise Ethereum Alliance’s Ron Resnick. One of the most impressive things about the launch is that it already has 28 blockchain technology and financial organizations. These include Microsoft, Chainlink, IBM, Hyperledger, Nasdaq, Accenture, and more.
At the launch, the Alliance hinted at how they view the ecosystem today. Currently, the startups that are working on tokenized ecosystems are working in silos. That means they are focused mostly on individual solutions. What is required is a global standard, a common framework. This would allow synergy to be achieved across multiple startups.
Plans For The Future
The IWA intends to bring forth three different frameworks to set global standards. The first one includes the Token Taxonomy Framework that will provide a common language and toolset. This will help different companies and teams agree on the same terms that define tokens and their use.
The second is the InterWork Framework. As the name suggests, it will help businesses come up with multiparty contracts using globally recognized clauses. Since these clauses will be set by the IWA, this should be a breeze.
The third one is the Analytics Framework. It is intended to help businesses analyze multiparty contracts. This also includes using Artificial Intelligence (AI) and market-driven data reporting.
Path To Greater Adoption
When the internet was being developed, global standard protocols were made for wide adoption. Without them, there would be no single internet today. The same is needed for decentralized applications, (DeFi), token ecosystems, blockchains, and more. This is vital for the flourishing of the distributed business models.
This was explained best by Brian Behlendorf, the executive director of Hyperledger.