Blockchain: IBM and partners are working on token standard
Global leaders such as IBM, Banco Santander, Consensys, and Intel are joining forces to work together to set industry standards for blockchain technology
A number of leading technology companies have announced the development of a common standard for blockchain tokens. For this purpose, the Token Taxonomy Initiative, the initiative for the classification of tokens, has developed the Token Taxonomy Framework (TTF) V 1.0 . Businesses and developers can use it to create new token types from a selection of reusable, cross-industry components. They do not have to master any programming skills or blockchain-jargon. The TTF defines the tasks of the tokens in non-technical terms.
Possible application fields for the token standard can be found, for example, in the case of tickets, documents, shares, loyalty points or other products and services.
In practice, a business user or consortium can select and select a base type of token from lists of behaviors and properties and assign them to the token, just as you can drag and drop icons onto a screen. The framework allows a business person to create a token visually with a design tool without writing any code, and allows him to tell developers, “I want one of them,”
said Marley Gray, chairman of the Token Taxonomy Initiative and chief architect of Microsoft.
The TTF Framework includes application examples, classification, terminology and a technology-neutral specification. It therefore describes tokens regardless of whether they are used on a blockchain or not.
Blockchain, Blockchain: IBM and partners are working on token standar
With the Token Taxonomy Initiative, the industry now has a platform to work together to develop global standards for tokens. That said Ron Resnick, CEO of the Enterprise Ethereum Alliance (EEA).
Tokens have the potential to radically change the world economy and trade. The scope of the token taxonomy initiative defines a standard classification that makes it easier for anyone to create tokens for their respective business applications.
A joint EEA working group will now promote international token standardization.
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