Token Taxonomy Initiative: Ethereum Allianz and Microsoft present mass adaptation plan

The Enterprise Ethereum Alliance (EEA) consists of start-ups and established companies that work together on new open source standards and applications for Ethereum. In collaboration with Microsoft and other large corporations, Allianz presented a new plan yesterday, April 17, to drive the adaptation of the technology. The "Token Taxonomy Initiative" aims to help companies better understand tokens and their application, technology and development.

Blockchain can revolutionize global economy

crypto currencies and the Blockchain have become one Multi-billion dollar market developed. But the exact concept and functions of cryptocurrencies have by no means reached everyone, and especially not all companies. The initiative of Ethereum Enterprise Alliance should help to better understand the applications and implementations of the blockchain.

According to the press release, tokens have the potential "revolutionize global economies and the way commerce is done" and "Transform business models for goods and services offered by decentralized applications"even if this is on different blockchains based. The initiative places particular emphasis on simple understandability. Tokens should be defined in a non-technical and cross-industry way. Everyone should be able to understand the concept of tokens through the initiative.

Ron Resnick is Executive Director at the Ethereum Enterprise Alliance and convinced of the future of technology:

Standardizing tokens to enable them to be used anywhere could be one of the greatest economic opportunities in modern history. Just as standards have led to the rise of e-commerce on the Internet, the application of standards to tokenization can help companies to use tokens using blockchain applications.

The new token taxonomy initiative should also make it possible to develop tokens for certain use cases and business areas. There are already various implementations for tokens, but the industry lacks a kind of meeting point for all participants, where everyone can work together across different systems.

The new initiative is said to be an important one Foundation stone for the adaptation of blockchain technology lay. It is based on applications for the "real" economy and their requirements. It is made up of the following key elements:

  • Define tokens clearly, in a non-technical way
  • Understandable and consistent definitions define that can be used across industries
  • Create a token taxonomy framework that easy to understand is +

In addition to Microsoft, other large corporations such as IBM, Intel, JP Morgan, Ernst & Young and R3 are part of the alliance.


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