Enterprise Ethereum Alliance’s former executive director, Ron Resnick, and Microsoft’s principal architect, Marley Gray, have unveiled a new entity called the InterWork Alliance (IWA). The Alliance is a nonprofit organization that seeks to advance the tokenization ecosystem by creating global standards for it.
According to the IWA, startups that are currently adding to the industry with several token-based offerings, are doing a lot of commendable work with the solutions that these offerings bring, and are also doing a lot of marketing. The IWA believes that the popularization of global standards in the sector will greatly benefit the sector with innovation, and also attract a lot more investors.
The organization has over 28 technology, blockchain, and financial institutions as members, including Hyperledger, IBM, Microsoft, Nasdaq, Chainlink, and Accenture.
Resnick, who is the IWA president, has said that proper descriptions of tokens and how they may be applied, are important for the organization to achieve its goal:
“For this approach to work, standards are urgently needed around defining what a token is and how its contractual behaviors will work.”
The IWA has a three-pronged plan for implementing global standards in the sector. It plans to start with creating a meeting ground in terms of language and resources, that all players can agree on, and use. Secondly, there will be standard contracts and rules of engagement that several parties can use. Next, it will introduce artificial intelligence to help with the proper reporting of data.
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