The Enterprise Ethereum Alliance (EEA) is working with research organizations, industry consortiums and businesses, including Microsoft, to create a blockchain-neutral business-focused Token Taxonomy Framework. This interesting news came to us from Computer World in their article, “Coming soon: A token taxonomy to define the world of blockchain.”

The group is working to universally define in non-technical terms what a token is – regardless of the blockchain platform involved – and create a common set of terms and definitions for cross-industry business use. Creating a single set of definitions and terms will help enable blockchain platform interoperability.

Once defined, the taxonomy can be used by businesses as a baseline to create blockchain-based applications using digital representations of everything from supply chain goods to non-fungible items such as invoices. This standardization will provide consistency going forward. With tokenization and blockchain facing more regulatory oversight and the blockchain marketplace remaining out of sorts, it will be nice to have some sense of continuity. And of course, we are all for a solid taxonomy supporting this effort.

Melody K. Smith

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