ConsenSys Looks to Establish Blockchain Tokenization Standards
ConsenSys, a production studio building decentralized applications for blockchain ecosystems, primarily focused on Ethereum, and XBRL, a standards consortium, have partnered to develop standards for tokenization of assets on blockchains. The standards will reduce friction in transactions and processing costs. XBRL provides a free and open financial data standard that companies and governments use to reduce the cost of reporting and collecting data, and to improve financial information quality. Tokens, as representational units of assets, enable the mapping of an account to an asset and....
Related News
An Australian group has been selected by the International Organization of Standardization (ISO) to spearhead a technical committee developing standards for blockchain tech. Standards Australia announced its leadership role on the committee yesterday, revealing it will oversee members from 35 countries on the effort. The ISO, founded in the 1940s, is composed of representatives from more than 160 national standards-setting bodies. As such, in addition to Australia, the ISO work will draw representatives from standards bodies in Canada, France, the UK and the US, among others. The....
Jeremy King, the international director of PCI Security Standards Council, laid out five major trends in payments in 2017 to look out for. Four of the five trends revealed by King involved Blockchain technology, with Internet of Things (IoT), Blockchain payments, tokenization and encryption included as major trends for next year. Tokenization, Encryption, Blockchain Payments, IoT. According to King, five major trends will dominate the payment industry in 2017. The five trends are IoT, Blockchain, tokenization, encryption and mobile payments, all of which seems to involve Blockchain....
Member-led working groups are helping define security standards for tokenized use cases. Tokenization has given rise to the “Internet of Value,” an era in which financial assets — or any assets with underlying value — can be easily transferred peer-to-peer over the internet. While revolutionary, tokenization has largely remained a concept embedded strictly within the cryptocurrency space. Yet as the need for digitized processes continues to impact multiple sectors, tokenization could become a game changer for global digitalization.In order to drive mainstream adoption, the InterWork....
On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.”
Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future
Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to....
WEF study says the ongoing efforts from blockchain organizations are not enough to set global blockchain standards. A study conducted by the World Economic Forum and Global Blockchain Business Council reveals the reasons why the blockchain industry still lacks well-defined standards on the global level.Dubbed the Global Standards Mapping Initiative, the study notes that the gaps, divergence and overlap in the standard-setting landscape of the blockchain industry are the biggest challenges the industry needs to surmount.Most organizations involved in setting standards for the industry have....