XBRL US & ConsenSys form a Working Group to develop Blockchain Tokenization Standards
Dec 14, 2016
On December 14, 2016, XBRL US, the nonprofit consortium for the business reporting standard, together with ConsenSys, a blockchain technology company, announced the formation of a working group dedicated to developing standards for tokenization of assets on the blockchain.
“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.”
The goal of the working group is to establish a standardized method to represent a token across all blockchain networks in order to eliminate transactional friction and reduce processing costs; enable automation and provenance tracking; and allow interoperability of transactions on a global scale.
The working group will establish goals and action steps by early 2017, and is requesting participation from individuals representing technology, finance, and accounting to provide their expertise in developing tokenization standards that can be used worldwide, for all asset classes.
Review the press release on the XBRL website.
