According to Cointelegraph on November 5th, the Token Taxonomy Initiative (TTI) announced a standardized framework for building a certificate. Currently, the project has opened its Common Criteria Classification Framework (TTF) to the public.
It is said that the framework will provide definitions for the passes that are applied in different scenarios.
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TTI was launched by the Ethereum Enterprise Alliance in April this year. Participants include Accenture, Adhara, National Bank of Spain, Clearmatics, ConsenSys, Digital Asset, Ernst & Young, Hedera Hashgraph, IBM, Intel, ioBuilders, Itau, JPMorgan Chase, Komgo, Microsoft, R3 and Web3 Labs. TTI is designed to help companies design and create cryptocurrency certificates that suit their specific needs, including concepts and definitions of common passes, cross-industry use cases, classification hierarchies, and other standards. A month ago, the team also studied the definition of a pass-based incentive system.
TTI Chairman Marley Gray said the new standard will help promote cross-platform transactions, he said:
Whether it is bills, supply chain documentation, stocks, property rights, points or other blockchain-based products and services, the use of certificates should be cross-platform. If we want to take full advantage of the capabilities provided by the collaboration platform, then different platforms must be able to communicate with each other, and standards are the starting point for all of this. This framework can stimulate more business organizations to develop certification in the blockchain.
In addition, organizations can take advantage of the VISA classification framework without any experience in writing code or creating a pass. As Gray said:
The business user or federation can select the basic type of pass and select the appropriate pass based on the list of attributes provided. This framework enables business people to visually create passes using design tools without having to write any code.
Brett McDowell of Hedera Hashgraph said:
We are seeing more and more companies interested in developing a certificate with a specific usage scenario. These standards will enable different passes to be deployed across the chain to meet the stability, security and performance requirements of this emerging market.
Different organizations set standards for the blockchain industry
Different organizations and alliances have begun to introduce standards into the blockchain and cryptocurrency industries.
In October 2018, the Ethereum Enterprise Alliance released a set of specifications to provide standards for developers using the Ethereum private chain, which also released the first version of the Ethereum Enterprise Client Specification in May.
This summer, the American Institute of Certified Public Accountants (ACPA) proposed a set of audit evidence standards that relate to data recorded on the blockchain. The Institute's recommendations will help auditors develop guidelines for the auditing process of new technologies such as distributed ledgers.
Last month, the National Association of Numbering Authorities (a global national numbering agency) announced that it would review the identification of digital assets and provide recommendations for the development of global standards for international securities identification numbers for digital assets.