Technology firm Microsoft was recently granted with a patent for a token interoperability solution rendered for enterprise-class blockchains. The solution will enable developers to create cross-platform assets for Microsoft’s enterprise clients.
According to a file documented by the United States Patent and Trademark Office (USTPO), the technology can be described as a “ledger-independent token service” and would simplify cryptocurrency token creation for developers.
The service itself provides developers with token templates with each template representing several types of physical or digital assets. Developers are also able to set controls and functions for each token based on its type or class. The patent references current enterprise-class projects using blockchain technology such as Hyperledger Fabric, Quorum, R3 Corda, and Chain Core.
“[..] due to the current lack of standardization across DLTs and token implementations, the process of building such applications, particularly in scenarios that involve multi-ledger transactions and/or token reuse, can be difficult and cumbersome.” Microsoft stated.
For context, Microsoft argues that development for cross-ledger transaction and token reuse have been facing this particular roadblock. The ledger-independent token creation tool would allow developers to code tokens on different platforms simultaneously.
The patent filing was awarded to Microsoft Technology Licensing, LLC. However, Microsoft has made no official statements whether this would mean that an actual product is already in their production pipeline.
In 2019, Microsoft was involved in a token standardization project called the Token Taxonomy Initiative, a collaborative project started by the Enterprise Ethereum Alliance. The initiative was chaired by Microsoft’s principal architect Marley Gray, who also serves as a board member of the alliance. Microsoft has also engaged previously in research work on an anti-piracy solution based on blockchain technology.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Credit: Source link