Chainlink & Microsoft join InterWork Alliance to Standardize Global Token

Chainlink & Microsoft join InterWork Alliance to Standardize Global Token

The InterWork Alliance (IWA), a platform-neutral, non-profit organization dedicated to creating the standards frameworks needed to increase innovation across token-enabled ecosystems, has officially launched.

The IWA includes 28 members, amongst them, are an extensive collection of big technology companies, financial institutions, and blockchain startups. The list of members includes IBM, Microsoft, Chainlink, Accenture, Nasdaq, USB, amongst several others.

 

Marley Gray, the principal architect for Microsoft Azure blockchain and a Microsoft board member, is the Alliance’s inaugural chairperson. While Ron Resnick from the Enterprise Ethereum Alliance is the President.

The InterWork Alliance was formed to “create standard frameworks. To boost the overall innovation and development of tokenized ecosystems.

The standardized global tokens enable users to define, exchange, and use anything of value, whether that value is digitally-native. Such as cryptocurrencies, or other forms of value, such as artwork, properties, loyalty points, etc.

InterWork Alliance focus areas

The InterWork Alliance noted that in addition to defining how digital token business processes can work regardless of location or market segment. It would also focus on other vital areas, such as real-world projects, market requirements, and performance metrics.

The official announcement noted that the Alliance would initially provide the frameworks that are needed for businesses to create contracts in non-technical, business terms. Then turn them over to developers for coding on any platform of choice.

Majorly focusing on:

  • The Token Taxonomy Framework provides a common language and toolset that enables multiple parties to agree on the definition of a token and how its value can be exchanged or used.
  • The InterWork Framework allows businesses to compose multi-party contracts from clauses that directly correlate to the token standards, enabling communication protocols to be defined and connected to framework components regardless of the eventual technology deployment.
  • The Analytics Framework enables organizations to derive additional business value from a privacy-preserving analysis of multi-party contracts and shared data schema for value-add AI services and market-driven data reporting.

“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” Resnick said.

Alliance helping business leaders collaborate

Marley Gray stated that IWA would play a critical role in helping business leaders across industries collaborate effectively.

“It provides a forum where participants can take real-world use cases as diverse as improving carbon market efficiency. And use the technology-agnostic token and contract definitions to foster interoperability. And drive widespread adoption that’s the big picture of what we need to do in the Alliance,” he explained.

Additionally, the Alliance has received a commendation from several top tech firms and managers. Sheila Warren, head of Blockchain and Data Policy and member of the Executive Committee, WEF. Also David Treat, senior managing director at Accenture, we’re among individuals who commended the initiative.

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