As of today, June 2nd 2020, the InterWork Alliance has officially been launched to bring forward a standardized framework required to increase innovation for tokenised economies.
The term ‘tokenisation’ has become very widespread across financial sectors and goes much beyond cryptocurrencies. This concept allows us, humans, to take any asset (real estate, stocks, artwork, collectibles, etc.) onto a blockchain and maintain ownership rights on it.
This dramatically decreases theft, fraud and corruption as well as increases efficiency and most importantly allows for a much more open and free economy; where trades become seamless.
IWA & Launch Partners
The IWA is built as a non-profit and platform-neutral organisation whose sole purpose is to create standards to be followed and maintained to help this important area (tokenisation) thrive.
Their launch partners are industry leaders and build up a long list which includes: Accenture, Amberdata, Blockchain Technology Partners, Calastone, Chainlink, DEKRA, Digital Asset, DLA Piper, The Depository Trust & Clearing Corporation (DTCC), Envision Blockchain, HACERA, Hedera Hashgraph, IBM, ING, Microsoft, Nasdaq, Neo Global Development, R3, SIX Digital Exchange (SDX), Tokensoft, UBS, Web3 Labs.
Their associate launch members include 2Tokens, Blockchain Research Institute, British Blockchain Association (BBA), Cloud Security Alliance, DID Alliance, Global Blockchain Business Council (GBBC), Global Digital Finance (GDF), Hyderabad Blockchain District, Hyperledger, International Token Standardization Association (ITSA), Washington Technology Industry Association (WTIA) Cascadia Blockchain Council.
By creating a standard and concepts around which platforms can build, as well as clearly define what a token is and what it can represent this line of business can change the entire economy.
Ron Resnick, the IWA’s president said: “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 Alliance was created to serve as the organization where this essential work happens. By bringing great technology and innovative business leaders together to deliver the market-driven specifications needed to facilitate interworking, the Alliance can deliver a proven, standard approach that is required to bring consumer trust into this space”.
According to the press release, there are three main areas the organisation will focus on:
- The Token Taxonomy Framework; which will enable a clear definition of tokens and how and what values can be exchanged.
- The InterWork Framework; opens up the possibility for businesses to create multi-party contracts from pre-defined token clauses.
- The Analytics Framework; while preserving privacy, certain analytics can help deliver additional value to token economies as well as leverage the power of AI.
Perhaps the single most important obstacle standing in the face of a tokenised economy is regulations. However, it is difficult for regulators who have limited technical knowledge to define on their own these complex concepts and create modular standards that create clear definition and hence makes regulating them relatively simple.
Thanks to the efforts looking to be made by the InterWork Alliance, that obstacle may too be crossed and a new chapter in the world economy may begin.