The Interwork Alliance has started its work. She wants to create more clarity in the token regulatory thicket.Blockchain technology has come to stay. Tech corporations such as Microsoft or IBM have therefore been trying for a long time to create uniform standards for the new economy of crypto assets, tokens and smart contracts. To this end, they have organized themselves in blockchain consortia such as Hyperledger or R3. The recently founded InterWork Alliance has now been founded to promote an international regulatory standard.
InterWork Alliance goes live
On June 2, the project went live with more than 30 organizations as members. As the association stated in a press release, the aim is to create uniform guidelines for the regulation of tokenized assets. The InterWork Alliance does not only focus on Bitcoin and other cryptocurrencies. Rather, it is about all tokenizable assets – security tokens, real estate, loyalty points included.Standards should benefit companiesUltimately, the standards should help companies to be able to issue their own tokens without worrying too much about the design or use of the right platform.
“Companies want to be able to build token-based business models without having a specific platform in mind. For this approach to work, you absolutely need standards that define what a token is and how it can be classified in contracts.”
InterWork Alliance chairman Ron Resnick.