Facilitating the Standardization of Tokens Across Networks

Blockchain for enterprise solutions will quickly unlock the most significant economic opportunity in the modern world.

Think about this for a moment.

Moving all software licenses into smart contracts and issuing tokens for their use. Blockchain for business use cases represents the future of blockchain adoption.

Tech Giant, Microsoft, and the Enterprise Ethereum Alliance (EEA) are rallying major blockchain solutions providers behind this project. In a nutshell, this will help enterprises in designing and creating tokens for the monetization of their products. In essence, it’s all about doing the greater common good of the entire blockchain industry.

A hierarchy of characteristics and behaviors

In the beginning, someone came up with the idea of using the technology underpinning bitcoin’s success in something other than an alternative cryptocurrency. Eventually, businesses from around the world started gaining interest in applying blockchain to their operations. As a result, several industry consortia invested in exploratory teams, working to discover how best to tokenize their products. For example, how best to tokenize a barrel of oil or a plane ticket.

Boom! This began a repetitive conversation about blockchain disruption across industries. We’ve all been there, reading the same old story, analogizing the tokenization of literally everything. But at the core of it all, is a hierarchy of characteristics and behaviors. For instance, there are mintable tokens and the burnable ones, those that are transferable and the non-transferable.

Hence, the idea of creating a standard workshop where enterprise users can design a token that addresses their individual business needs. Thus, if a particular token composition constitutes a specific reusable component, another user can also build on the same components. To sum things up, the first token will work as a framework for other tokens to redefine.

Interacting with blockchain technology

They call it the Token Taxonomy Initiative. In detail, this initiative seeks to create standards and specifications, which business users can use when interacting with Ethereum technology. But, it also crosses Hyperledger, R3’s Corda, and the Digital Asset’s DAML.

What’s more? Rallying behind it are major tech giants and financial institutions. Members include ConsenSys, IBM, Intel, Microsoft, R3, Blockchain Research Institute, Banco Santander, J.P. Morgan, Accenture, Komgo, and Web3 Labs, among others.

In essence, this composition framework will be open and accessible to business users, regardless of their technological background. Additionally, the framework will also include a workshop, and a GitHub repository, where all findings and data from tests will link to other existing token implementations, across various blockchain networks. As a result, a single standard for tokens across multiple systems.

Defining a token taxonomy for businesses

In essence, businesses will need to grab a non-fungible token, use drag, and drop features, and get a pallet of behaviors for the token. Then, drag the behaviors over to the token and complete by creating a token visually using design tools. In conclusion, it would be unnecessary to write code.

Last modified: October 16, 2019