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Major Corporations Form Alliance to Standardize Token-Based System

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Major Corporations Form Alliance to Standardise Token-Based System

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  • Major companies such as Microsoft, Accenture, IBM have formed an alliance to set common standards for token ecosystems.

Companies such as Microsoft, Accenture, IBM, Chainlink, Hyperledger, Nasdaq, among others, launched the InterWork Alliance (IWA) on 2 June 2020. IWA is a non-profit organization committed to developing standardized token-based ecosystem.

The main objective behind the idea is to ensure standardization at commercial levels so that companies can focus on the business model rather than the platform technology. The IWA will set the standardized criteria along with provisions to tokenize an item of value based on a common framework and to illustrate the working of contracts. InterWork Alliance President Ron Resnick stated:

“Companies want to be able to create token-based business models without having a platform technology in mind. For this approach to work, standards are urgently needed around defining what a token is and how its contractual behaviors will work.”

The InterWork Alliance will further assist the businesses in formulating multi-party contracts in compliance with the standard clauses laid out by it. Eventually, the IWA will be working on achieving interoperability between applications.

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