A patent for a ledger-independent token generation service has been granted to the tech giant.
Microsoft has filed a patent for a cryptocurrency tool that would make it easier for developers to build ledger-independent tokens.
Token Creation Service is a Microsoft patent.
Microsoft proposes a technique for building a ledger-independent token service in patent filing.
The service offers several token templates, each representing a different sort of real or digital asset. Each template additionally specifies the token type’s controls and functionalities.
Microsoft claims in the patent that there are presently no standards for distributed ledger tokens, particularly in the circumstances involving cross-ledger transactions and token reuse. The technique detailed in the patent, on the other hand, would allow developers to build code for tokens on several platforms at the same time.
The patent appears to be directed largely at enterprise platform developers rather than public blockchains. Hyperledger Fabric, Quorum, R3 Corda, and Chain Core are among the initiatives mentioned in the patent.
Is It Going to Be a Real Product?
It should be emphasized that not all patents lead to actual products. Thus Microsoft‘s most recent application may or may not lead to a genuine, publicly accessible service.
Microsoft, on the other hand, has already shown an interest in interoperability. For example, it declared its participation in the Token Taxonomy Initiative, a token standardization initiative, in 2019. It’s also a member of Hyperledger and the Enterprise Ethereum Alliance, two enterprise blockchain efforts.
Although Microsoft has not said officially, this history implies the corporation is currently working on a product.