Major corporations like Microsoft, IBM and Intel have unveiled a framework for standard blockchain tokens. This so-called Token Taxonomy Framework is platform neutral and provides a set of definitions for tokens in all kinds of implementations. The members of the Token Taxonomy Initiative (TTI) announced the framework on Monday.
The Token Taxonomy Framework (TTF) is especially useful for cross-platform transactions. The initiative wants token use to be able to flow across different platforms. For example, it shouldn’t matter whether that token represents a ticket, supply chain documents, stocks, loyalty points or property. Thanks to a blockchain token standard framework it should be a lot easier to communicate cross-chain.
“If we want to take full advantage of what collaborative platforms have to offer, cross-platform transactions have to be able to communicate with one another. Standards are where that starts.”Marley Gray, chair of the Token Taxonomy Initiative (press release, November 4th 2019)
The token standard framework also wants to standardize the way people communicate about tokens. Business people should be talking about business requirements, while developers should be able to know what the backend requirements are.
The Token Taxonomy Initiative includes corporations and organizations from tech, finance, software development and blockchain markets. Microsoft, Intel, IBM, ConsenSys, EY, R3 and JPMorgan are just a few of the companies involved in the project. Currently they have drafted fourteen tokens to showcase how these would be portable across different platforms.
Microsoft can print tokens
Not only is Marley Gray the chair of the Token Taxonomy Initiative, Gray is also principal architect at Microsoft. The software company build the Azuree Blockchain Tokens platform, which allows them to create enterprise-oriented crypto tokens on the fly. Every template in the Azure platform is conform the Token Taxonomy Initiative.
Even though the name suggests that Azure Blockchain Tokens is a product from Microsoft, Gray suggests it’s not. In an interview with Coindesk Gray explains that IBM, R3, Digital Asset and others are all partners.
“The industry has suffered from an IBM versus Microsoft thing, Hyperledger versus ethereum, and so on. We are trying to break down those barriers.”Marley Gray, to Coindesk (November 4th 2019)
Blockchain adoption through standardization
The initiatives main goal is to make is easier for everybody to participate in the blockchain economy. We see this in many blockchain fields. For example, Enjin wants to become a standard for blockchain gaming and is now part of the Blockchain Game Alliance. In addition there’s the automotive industry’s Mobility Open Blockchain Initiative (MOBI), which wants to standardize all blockchain communication in the industry.
These initiatives have a broad support that goes beyond the field of blockchain startups. Ubisoft is one of the biggest names in the Blockchain Game Alliance, while car companies like BMW, Ford, Renault and Honda are all part of MOBI. All these companies are look for an universal way to incorporate blockchain technology into their own business and onto the wider mainstream audience.
Also published on Medium.