The working group’s goal is to create a standardized method to represent a token across all blockchain networks to remove transactional friction and reduce processing costs. The standards will support automation and provenance tracking, and will enable the interoperability of transactions on a global scale.
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.
The working group will develop goals and action steps by early 2017. It is seeking participation from individuals representing finance, technology and accounting to offer expertise in creating tokenization standards for all asset classes.
Image from Shutterstock.
Also read: Industry leaders reach agreement on blockchain governance
Tokens, as representational units of assets, enable the mapping of an account to an asset and maintain its record of ownership. Tokens are assign ownership and rights of underlying assets on a blockchain that transact through smart contracts.
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.
“Blockchain is the future for financial products and financial transactions,” said Campbell Pryde, president and CEO of XBRL US. “Creating a standard method to tokenize transacted assets is necessary to communicate ownership and value. Without standardization, the speed, accuracy and automation promised by smart contracts on the blockchain, simply will not happen.”
“We envision a future where all asset classes are tokenized, and act as bearer instruments that are facilitated and recorded on the blockchain,” said Griffin Anderson, director for blockchain accounting at ConsenSys and a founding member of the Accounting Blockchain Coalition.
US Congressman Drafts Bills to Aid Blockchain Development
U.S. Representative Tom Emmer wants to support the development and use of blockchain technology and cryptocurrencies.
To that end, the lawmaker announced a trio of blockchain-focused bills Friday,
Report Finds Cryptojacking Instances Jumped 400% In A Year
Instances of cryptojacking malware have jumped more than 400 percent since last year, a new report finds.
A collaborative group of cybersecurity researchers called the Cyber Threat Alliance (CTA) p
Bitmain CEO Announces New 7nm Bitcoin Mining Chip
The bitcoin mining industry is having an exciting couple of days.
Just a day after Bitfury revealed a new 14nm mining chip called the Bitfury Clarke, Bitmain has upped the ante with the announcemen
Brave Browser Is Using Civic's Blockchain Platform to Verify Publishers
Privacy-focused internet browser Brave will begin using blockchain identity startup Civic's verification services to ensure publishers are paid for their content with Brave's Basic Attention Token (BA
US Navy Launches Blockchain Research in Mission to Improve Tracking System
A U.S. Navy command is exploring the potential of blockchain technology in tracking aircraft parts.
The Naval Air Systems Command (NAVAIR) – which provides material support for aircraft and airborn
Reports: Taiwan Police Arrest Cody Wilson Following Assault Charges
Taiwan police have arrested Cody Wilson just days after Austin police accused him of sexually assaulting a minor, CBS Austin reported Friday.
Citing the Taiwan Criminal Investigation Bureau (CIB),
Tether's Impact on Bitcoin Price Not 'Statistically Significant,' Study Finds
The issuance of tether (USDT), the controversial cryptocurrency tied to the U.S. dollar's value, has had no meaningful impact on the price of bitcoin, an academic study has found.
The findings by D
Venezuela to Adopt Controversial Petro Token in Global Trade
Venezuela's President Nicolas Maduro is doubling down on his belief that the state-created petro token will help solve the country's chronic inflation and act to stabilize the economy.
During a TV