Microsoft and Enterprise Ethereum Alliance will create a "token designer" for business

The Enterprise Ethereum Alliance (EEA) blockchain consortium launched a project with Microsoft to help businesses develop and create tokens to solve specific problems.

. @HiroMarleyG on #tokenization and is partnering with @EntEthAlliance on platform Neutral User standards for #blockchain based token Conditions creation. Read more: https://t.co/qKEQzOB8LP .

– MSFTBlockchain (@MSFTBlockchain) April 17, 2019

The EEA intends to act as a platform for the initiative called the Token Taxonomy Initiative, which involves the Hyperledger, R3 and Digital Asset Holdings consortia. At the same time, IBM and Intel, JP Morgan financial holding, ConsenSys blockchain start-up and many others will participate in the project.

Part to the BE Proud of a #blockchain #token Initiative That will of help Establish a framework for common all a widespread Adoption! https://t.co/BlMWPLGYKe pic.twitter.com/3V7PeDE4QW

– IBM Blockchain (@IBMBlockchain) April 17, 2019

“It’s an initiative and a tax-returning taxonomy initiative”. technology https://t.co/XicZSqQ2ju

– R3 (@ inside_r3) April 17, 2019

According to Ron Resnick, Director General of the EEA, various seminars will be available to specialists as well as the GitHub repository as part of the initiative. Already existing tokens on different blockchains will be tested, and then reduced to a single standard.

“We do it for the common good. Standardizing tokens in all networks can give us the key to one of the greatest economic opportunities in modern history, ”said Resnick.

Microsoft Chief Architect Marley Gray noted that during his work with the Microsoft Azure cloud platform and EEA, he often encountered various industry consortia that spent a lot of time trying to understand “how best tokenize, for example, a barrel of oil”.

. @HiroMarleyG on #tokenization and is partnering with @EntEthAlliance on platform Neutral User standards for #blockchain based token Conditions creation. Read more: https://t.co/qKEQzOB8LP .

– MSFTBlockchain (@MSFTBlockchain) April 17, 2019

“The idea is that during workshops with business representatives to describe the token exactly corresponding to their business needs. The token itself will be composed of reusable components, so that another group will also be able to use these components when creating another token, without already repeating all the work done before, ” Gray explained.

Thus, as part of the initiative, it is planned to create a token constructor so that any person, even without being a technical specialist, can explain to developers what he wants from an asset.

Recall that last year, EEA and another leading blockchain consortium Hyperledger announced a partnership that provides for the creation of uniform standards for corporate distributed networks developed by the participants of these two organizations.

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