In October, the GSX Group joined a consortium of some of the most influential players in the blockchain industry for the Blockchain South Leadership Summit 2018 at the Millbrook Resort in Queenstown, New Zealand. During the summit, the Millbrook Accord was formed, counting the GSX Group amongst the founding members of this major blockchain industry initiative.
The Millbrook Accord is a working group which aims to assist the Blockchain Token Association (BTA) in the promotion and representation of blockchain initiatives and the maturation of new digital asset classes. Members of the Millbrook Accord are key drivers of the security token movement, working together with the primary purpose of developing practical solutions in order to facilitate a more seamless process for verifying identities, navigating jurisdictions, and ensuring compliance among token holders, exchanges, and platforms.
The VTF will provide leading industry guidelines on security token interoperability, aiming to become the foremost reference document, codebase, and community for the security token ecosystem.
The Millbrook Accord aims to hold quarterly bake-offs in locations all over the world (starting in New York City) in order to allow members to meet up and collaborate in addressing some of the biggest obstacles to blockchain industry growth. As part of these meetings, attendees will be encouraged to review and contribute to a new GitHub repository, which is being created to help advance the Accord’s software goals. Jeff Pulver, Chairman of the Blockchain Token Association, said:
“In the Voice over Internet Protocol era, we invited industry leaders to bring their production-ready code to quarterly bakeoffs, where developers sought to make their code interoperable. The result was a free and open source set of standards, which ultimately led to interoperability of services. We believe a similar collaborative approach to technological advancement will assist in the acceleration of blockchain adoption and the maturation of the global security tokens ecosystem.”
The announcement of the VTF comes at a very opportune moment for the GSX Group as work on the Securities Trading Asset Classification Settlement Protocol (STACS) continues to gain momentum. The STACS Protocol aims to transform the capital markets utilising blockchain technology. Working in synergy with the VTF, the GSX Group could pave the way for the next step in the evolution of crypto and blockchain powered finance.
Nick Cowan, CEO of the GSX Group, shared his thoughts on this pioneering initiative:
“Joining the Millbrook Accord shows the GSX Group’s firm commitment to developing a framework that will support the ascent of security tokens into the blockchain ecosystem. Collaboration is critical in the pursuit of true innovation, and this group represents some of the most dynamic blockchain companies operating in the space, all striving towards the same goal of addressing the issues confronting the blockchain sector.”