NYC Blockchain company ConsenSys and XBRL US, the nonprofit consortium for the business reporting standard have announced the formation of a working group dedicated to developing standards for tokenization of assets on the Blockchain. XBRL is a free and open financial data standard, widely used around the world by public and private companies and governments to reduce the cost of reporting and collecting data, and to improve the quality of reported financial information.
“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,” expressed Griffin Anderson, Director for Blockchain Accounting at ConsenSys and founding member of the Accounting Blockchain Coalition.
A token is a digital representation of an asset which could be debt, equity, cash or a physical asset (i.e. a vehicle or a piece of artwork). The Blockchain is a digital distributed ledger that records and facilitates transactions. Tokens, which are representational units of an asset, provide the mapping of an account to an asset and maintain a record of ownership. They are used on a Blockchain to assign ownership and rights of underlying assets that are transacted through smart contracts (digital contractual agreements) on the Blockchain.
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.
ConsenSys is a venture production studio building decentralized applications and various developer and end-user tools for Blockchain ecosystems, primarily focused on Ethereum. The ConsenSys “hub” coordinates, incubates, accelerates and spawns “spoke” ventures through development, resource sharing, acquisitions, investments and the formation of joint ventures. These spokes benefit from foundational components built by ConsenSys that enable new services and business models to be built on the Blockchain.
XBRL US is the non-profit consortium for XBRL business reporting standards in the U.S. and it represents the business information supply chain. Its mission is to support the implementation of XBRL business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission and has developed a taxonomy for corporate actions. About XBRL US: http://xbrl.us
- Bitpay Opens Up Doors For Ethereum Payments - September 16, 2019
- Neufund Launches Blockchain-Driven Equity Token Sale for Retail Investors Out of Lichtenstein - September 16, 2019
- London Blockchain Accelerator Academy Looking for Partners - September 13, 2019
- Blockchain Startup Blockstack Raises a Whopping $23 Million In SEC-Qualified Reg A+ Token Offering - September 12, 2019
- France Vows to Block Facebook Libra Cryptocurrency in Europe - September 12, 2019
- R3 and Mastercard Team Up Mastercard to Build Overseas Payments System Build on Blockchain - September 12, 2019
- ConsenSys Officially Joins Hyperledger Project – Adding Public Blockchain Capability to Hyperledger - September 11, 2019
- Telegram Open Network Labs Releases Development Suite for TON Blockchain - September 11, 2019
- Whale Alert: USD One Billion+ BTC Was Transferred in One Transaction Last Week - September 11, 2019
- New Professional API Trading Program AlgoX Prime API Launched by eToroX - September 11, 2019
- Bitcoin.com’s Roger Ver Steps in to Operate Node on Cryptographer David Chaum’s New Elixxer Project - September 11, 2019
- Seychelles Heats Up With a First for a National Stock Exchange – MERJ Exchange Goes Live with Tokenized IPO - September 10, 2019
- Computing Legend Steve Wozniak To Launch Blockchain Energy Project – EFFORCE - September 10, 2019
- Hollywood Star Wesley Snipes To Tokenize $25 Million USD Movie Fund with Liechtenstein Blockchain Innovator LCX - September 9, 2019
- Netki Extends TransactID Solution For FATF “Travel Rule” Compliance - September 9, 2019
- Market Demand For Sophisticated Crypto Trading Methods Drives Singapore’s Broctagon Fintech Group To New Heights – Pushing Them Past $5 million - September 5, 2019
- London-based Custodian For Digital Assets, Copper, Reach $500m In Transactions In Just Three Months - September 5, 2019
- UN Meeting: Gibraltar Lawyers Call For A Global Regulatory Framework For Cryptocurrencies - September 4, 2019
- Michael Terpin’s BitAngels Investor Network Partners with Bitcoin Bay to Expand Blockchain Investment Ecosystem in Toronto, Canada - September 3, 2019
- Coinanalyst Launches Socializer – New Communication Tool - September 3, 2019