InterWork Alliance recently started work on the standardization of ecosystems based on tokens. These activities are global in scope and are to contribute to increasing the innovation of networks using tokens.
Standardization of token-based ecosystems
One of the biggest challenges of today's digitization is standardization at the business level, which would ensure companies reconcile distributed business models without first selecting platforms.
InterWork Alliance has set itself the goal of setting standards for distributed application development, tokenizacjiand then concluding related contracts, as well as conducting analyzes of multilateral data while maintaining privacy.
A wide group of platforms joined the project, incl. Blockchain Technology, DEKRA, Digital Asset, Hedera Hashgraph, Microsoft, Nasdaq, British Blockchain Association and many more.
According to the president of InterWork Alliance, many companies are currently striving to create token-based business models, not wanting to take into account the platform's technology. For this goal to be possible, it is necessary to set new standards for defining tokens and related issues. Currently, tokens can be considered as allowing their users to identify, use and exchange anything of value. In order for the company to be able to use tokenization, it is necessary to first agree on how this token should be defined and how its value will be unlocked.
A new area of activity
Many companies, when starting cooperation with other entities, want to focus primarily on business results, and not on purely technological details.
That is why InterWork Alliance has set itself the goal of providing industry leaders with support in mutual cooperation. The Foundation is to provide companies with the conditions necessary to create standard definitions of tokens and contracts in business conditions, excluding the need to enter the technical area. The designated framework will then be passed on to developers for coding on any platform.
Both tokenized resources and distributed applications can be composed to some extent. InterWork Alliance forecasts that by identifying and standardizing the attributes of components and the specifics of tokens and created contracts, the ability of distributed applications to cooperate on various technological platforms will be significantly improved. The solutions to be implemented by the organization will also contribute to a better understanding by individual entities of the meaning and actual use of tokenized systems. Many companies expressed their enthusiasm and support for the project.