Microsoft, JPMorgan, Intel, IBM, Accenture and more form alliance to usher in mass adoption...

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The just announced alliance includes companies and organizations Accenture, Banco Santander, Blockchain Research Institute, Clearmatics, ConsenSys, Digital Asset, EY, IBM, ING, Intel, J.P. Morgan, Komgo, Microsoft, R3, and Web3 Labs, among others - all working together under the umbrella of the Enterprise Ethereum Alliance (EEA).

The alliance aims to provide both real-world use cases to help businesses evaluate implementing the technology, as well as agree upon the terms used when doing so.

What's clear is that the organizations involved are well beyond wondering 'what if?' regarding the future of cryptocurrency - they're openly saying they know the future includes everything 'from cash to securities to plane tickets and unique artwork' becoming tokenized.

Their goals include:

Clearly define a token in non-technical and cross-industry terms

Establish a common set of terms and definitions for use by business and technical participants

Create a Token Taxonomy Framework (TTF) that is simple to understand; educate and collaborate with structured Token Definition Workshops (TDW) to define new or existing tokens

Define meta-data using the TTF syntax and grammar to be able to generate visual representations, such as a token hierarchy or token design in tools that understand the taxonomy and be extensible for mapping TTF definitions to token solutions, implementations or source code for any platform

In simple terms, the end result will be guidelines any business can use if they wish to implement the use of tokens into their business, all with the stamp of approval from giants of the business world, and organizations from the blockchain and cryptocurrency world.

From examples to how the technology can be used, to agreeing upon the correct terms to use so businesses can communicate clearly with each-other - the whole process should become less confusing and intimidating, leading to more companies entering the space.

“...the world’s largest companies and innovative startups — are coming together to define tokenization in ways designed to address the needs of the global enterprise community” says Oli Harris of JPMorgan.

"The Token Taxonomy Initiative is a significant milestone in enabling a technology-independent, open ecosystem of innovation across enterprise use cases." added David Treat, managing director and global blockchain lead at Accenture.

The official press release can be read here.

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Author: Mark Pippen
London News Desk


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