ConsenSys plans to develop blockchain tokenization standards

Rage Comment : ConsenSys’ main mission is to provide enterprises with immutable financial solutions based on blockchain technology. Technology giant Microsoft is also a partner of the company. Currently, the company focuses on Ethereum and XBRL standards, and cooperates with multiple institutions to formulate blockchain asset tokenization standards. It eliminates the friction and uncertainty of this new form of asset representation and tries to put the advantages of blockchain and smart contracts into practice.

Translation: Annie_Xu

ConsenSys is a studio that develops decentralized applications for the blockchain field. Its core research projects are Ethereum and XBRL open source standards. It also participated in the formulation of blockchain asset tokenization standards, and is committed to reducing transaction friction and processing costs.

XBRL provides free and open financial data standards that companies and governments can use to reduce reporting and data collection costs and improve the quality of financial information.

Tokens, as a form of asset representation, can open fund accounts and keep ownership records. Tokens can allocate digital asset ownership on the blockchain and trade using smart contracts.

Standards that support interoperability

The goal of the working group of ConsenSys is to develop token annotation methods and standards that are common across all blockchains, eliminating transaction friction and reducing processing costs. These standards can support automated processes and traceability, and achieve interoperability of transactions on a global scale.

Griffin Anderson

Griffin Anderson, head of blockchain finance at ConsenSys and co-founder of the Accounting Blockchain Coalition, said:

“We can foresee that in the future all asset classes will be tokenized and become bearer instruments recorded on the blockchain.”

The working group needs more participants

The working group will develop goals and implementation steps in early 2017. It is hoped that representatives from the financial, technology and accounting fields will participate to help the working group develop tokenization standards for all asset classes.

“Blockchain is the future of financial products and transactions, and establishing standards for asset tokenization is necessary to enable the transfer of ownership and value. Without standardization, the speed, accuracy and automation promised by blockchain smart contracts cannot be achieved.”