Today saw the launch of the InterWork Alliance (IWA) with more than 30 organizations participating. The vast majority are enterprise focused. The aim is to enable organizations to adopt tokenized assets by agreeing to distributed business models in a platform agnostic manner.
The initiative is targeting the tokenization of all sorts of assets. That includes cryptocurrencies and security tokens, but also real estate, loyalty points and other assets. The aim is not just to define the token but also the contractual agreements and clauses that underpin the digital asset.
“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,” said InterWork Alliance President Ron Resnick (formerly of the Enterprise Ethereum Alliance).
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