The Enterprise Ethereum Alliance (EEA) consists of start-ups and established companies working together on new open source standards and applications for Ethereum.

Last Wednesday, April 17, in collaboration with Microsoft and other major corporations, Allianz presented a new plan to drive technology adoption. The Token Taxonomy Initiative is designed to help companies better understand tokens and their application, technology, and development.

Blockchain can revolutionize global economy

Cryptocurrencies and the blockchain have now become a multi-billion dollar market. But the exact concept and functions of cryptocurrencies have not arrived at all, and not all, in particular. The initiative of the Ethereum Enterprise Alliance should help to better understand the applications and implementations of the blockchain.

According to the press release tokens have “the potential to revolutionize global economies and the way how trading is conducted,” and “Business to transform models for goods and services provided by distributed applications,” even if they are on different block chains based, The initiative places special emphasis on easy comprehension. Tokens should be defined in a non-technical and cross-industry manner. Everyone should be able to understand the concept of tokens with the help of the initiative.

Ron Resnick is executive director of the Ethereum Enterprise Alliance and believes in the future of technology:

Standardizing tokens to enable their use anywhere could be one of the greatest economic opportunities in modern history. Just as standards have led to the rise of e-commerce on the Internet, the use of standards on tokenization can help companies leverage block tokens by using tokens.

The new token taxonomy initiative should also allow developing tokens for specific use cases and business areas. Although there are already various implementations for tokens, the industry lacks a kind of meeting place for all participants, where all together can work together across different systems.

The new initiative is intended to lay an important foundation for the adaptation of Blockchain technology . It is based on applications for the “real” economy and their requirements. It consists among other things of the following core elements:

Clearly define tokens in a non-technical way

Define understandable and consistent definitions that can be used across industries

Create a token taxonomy framework that is easy to understand +

In addition to Microsoft, other major corporations such as IBM, Intel, JP Morgan, Ernst & Young and R3 are alliance.

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