IT tech giant company, Microsoft, has been granted a blockchain-related patent to reveal ledger independent token services. The patent was issued by the USPTO (the United States Patent and Trademark Office).
Microsoft Aims To Solve Interoperability Issues
The patent will help Microsoft to build a system that helps to facilitate the creation and management of tokens across several blockchain connectivity networks. The system would also offer token templates to depict each and every type of digital asset while defining its functions and controls.
With the help of this new approach, the patent would allow the developers to write code for tokens on different platforms all at once.
As per the report which has been unveiled, Microsoft aims to solve the issues surrounding creating tokens for several distributed ledgers. As of now, it is difficult to do so due to the lack of standardization across the different blockchains.
The new patent appears to be aimed at developers using enterprise platforms rather than public blockchains. Some of the notable projects which fall under this category include the Chain Core, Quorum, R3 Cordas, and Hyperledger Fabric was being mentioned in the patent.
Apart from this project, Microsoft interest in interoperability can be seen in its involvement in the Token Taxonomy initiative. It was launched in the year 2019, and this new initiative is a token standardization project that helps organizations to create blockchain neural tokens.
The issue of interoperability has become major as various crypto projects are being involved in building various solutions. One of such projects is the decentralized network chainlink, which revealed its cross-chain interoperability protocol earlier this month.
The new protocol aims to solve the security challenges of the existing bridges with the proper use of cryptographic primitives. It will also reveal a token bridge that will allow users to move their tokens across the blockchain network in a scalable, robust, secure and cost-efficient manner.
Apart from having a recent success, Microsoft even awaited the verdicts on crypto mining patent files last year. As per the application, Microsoft intends to develop a cryptocurrency system that helps individuals to mine cryptocurrency using their data, thus eliminating the need for specialized mining machines.