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. 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. 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. Read more: cryptocoinsnews.com
