The InterWork Alliance (IWA) is a non-profit organization and consists of more than 28 companies, including Microsoft, Nasdaq and the crypto projects ChainLink (LINK) and Hedera Hashgraph (HBAR). On Tuesday, IWA announced that it had officially begun working on the framework conditions for token standards.
Token standards as a support for companies
Large companies have been jumping on the blockchain bandwagon for some time now, but no results have yet been achieved. But it is definitely certain that there will be a lot of things in the future. Together with the crypto-projects ChainLink (LINK) and Hedera Hashgraph (HBAR), large corporations such as IBM, Microsoft, ING and a large number of other companies have now started work to create a framework for the regulated use and standardization of tokens.
According to the press release, a standard is decisive for the distribution and adaptation of cryptocurrencies and blockchain. In the official announcement it says:
Distributed applications have the potential to change the global economy, but the widespread availability of different platform types has stalled the introduction of tokenized assets on the Internet. What is needed is an enterprise-level standardization that would allow companies to agree on distributed business models without having to choose a platform.
It is important for companies to be able to focus on creating token-based models rather than having to consider the technologies of the different platforms. Therefore, the goal of the alliance is to define what a token is and how its contracts work.
IWA consists of more than 28 companies
The InterWork Alliance is not only concerned with cryptocurrencies, but also with other asset classes such as works of art, real estate and loyalty points. For companies to be able to do business with each other using tokens, there must therefore be agreement on what a token is and how its value is contractually released by the various agreements.
In addition to the crypto projects ChainLink, Hadera Hashgraph and large corporations such as IBM and Microsoft, many other companies that have joined the alliance are worth mentioning.
For more information and all details about the project, please visit the official InterWork Alliance website.