The Enterprise Ethereum Alliance (EEA) has announced that it will be launching a new “Token Taxonomy Initiative” that will see a collaboration by some of the most influential names in traditional and emerging financial technology (fintech), including Microsoft, IBM, JP Morgan, ConsenSys and many others.

The EEA Token Taxonomy Initiative states that it will work on developing clear definitions for the token concept, as well as an outline of its scope. This will include business use cases, terminology and taxonomy, as well as technical specification.

Microsoft principal architect and EEA board member Marley Gray noted that the acceleration of blockchain tech adoption made it ever more important for industry players to cooperate in developing mutual understanding of the token model, while agreeing on common definitions as well as helping to ensure interoperability through standards and best practices:

“With a standardized global approach, the Token Taxonomy Initiative will form the foundation of critical standards in tokenization that could streamline the way entire industries and ecosystems work on a blockchain.”

Despite the occasional denials of being friendly towards cryptocurrency, traditional banking leaders such as JP Morgan as well as accounting firms like EY, who are part of this new initiative, have been much warmer towards the underlying technology of crypto, known as blockchain.

 

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