The Ethereum community has approved the ERC-3643 standard, which is the first-ever standard designed specifically for compliant tokenization. This new standard improves upon the widely used ERC-20 standard, particularly in securities activities. It enhances ERC-20 tokens with controlled advanced functions and compliance modules.
Joachim Lebrum, Chair of the Technology Working Group ERC-3643 Association, stated that the ERC3643 standard is a groundbreaking step towards integrating advanced blockchain solutions into the enterprise sector. This validation sends echoes across the ecosystem that ERC3643 is the superior standard for such use cases.
ERC-3643 is a permissioned token standard for tokenizing securities, real-world assets (RWAs), payment systems, and loyalty programs. The standard uses a self-sovereign identity (SSI) framework to verify users’ token eligibility dynamically. This feature ensures compliance through anonymous but verifiable credentials.
The new ERC-3643 standard aims to revolutionize how companies leverage blockchain technology. It provides them with a secure, compliant framework to tokenize various assets. Ethereum’s official recognition of this standard demonstrates its goals to address users’ diverse needs and establishes a benchmark for institutions implementing this framework in tokenization projects.
Looking ahead to 2024, experts predict that the momentum behind asset tokenization will accelerate. HSBC’s research group forecasts that the market for tokenized assets will swell to trillions of dollars by 2030. Governments and significant investment funds are demonstrating growing interest in this area. The next wave of tokenization will likely see bonds, equities, and other mainstream financial assets transitioning to blockchain-based models.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Joachim Lebrum |
| Companies | Ethereum, HSBC, ERC-3643 Association |
| Currencies | None |
| Securities | None |
