Will united giants ever be defeated? Yesterday, Tuesday, June 2, the InterWork Alliance (IWA) with the participation of more than 30 organizations to standardize token-driven ecosystems.
Alliance of the year?
Marley Gray, Microsoft’s chief architect, along with Ron Resnick, former CEO of the Enterprise Ethereum Alliance, announced the Interwork Alliance, a nonprofit organization.
“Distributed applications have the potential to disrupt the global economy, but the large-scale availability of different types of platforms has stalled the web-scale adoption of tokenized assets.”said the press release.
In this same line of thought, Ron Resnick pointed out that companies want to be able to create business models based on tokenization. However, to achieve this, Resnick emphasized the need to establish certain standards of “What is a token and how their contractual behaviors will work.”
Furthermore, InterWork faithfully believes that standardizing tokens will allow them to focus on large-scale innovation and therefore will have a collective impact on companies.
Some of the giants that have joined the InterWork Alliance are IBM, ING, Microsoft, NASDAQ, Hyperledger, Web3 Labs, among others.
Standards for tokens, how will they do it?
The plan that was announced by the nonprofit is to work on three different frameworks for the token ecosystem.
First of all, the Token Taxonomy Framework (TTF), started by Alliance Enterprise Ethereum (EEA). The TTF will seek to provide a common language as well as a series of tools with the aim of establishing the appropriate terms to define a token and its use.
Therefore, the first framework, TTF, will be in charge of defining a token and how its value can be exchanged.
Second, the alliance will work within the InteWork Framework. This framework will aim to help companies draft multi-party contracts based on clauses standardized by the AIT.
And finally, they plan to work on the Analytical Framework. This will aim to help “Organizations gain additional business value from a privacy-preserving analysis of multi-party contracts.”
Additionally, the latter framework will help companies use Artificial Intelligence (AI) services and market-driven data reporting.
Unlocking the full potential
The organizations that have formed the InterWork Alliance seem to be very confident about the future. They seem to ensure that setting global standards in the token industry will promote the adoption of distributed business models.
In particular, in the statement presented by the recent non-profit organization some companies shared their opinion on the mission.
For his part, Nitin Gaur, Director of IBM WW Digital Asset Labs, pointed out that “The Alliance will help establish a base... for the changing landscape of tokenization ”.
Will InterWork’s goal of standardizing tokens be met? Will it have the impact you expect?