Microsoft Receives Patent for Creating a Crypto Token Service

by Eva Fox August 29, 2021

Microsoft Receives Patent for Creating a Crypto Token Service

Microsoft Technologies Corporation has received a blockchain-related patent to introduce ledger-independent token services from the United States Patent and Trademark Office (USPTO). The patent will allow Microsoft to create a system that makes it easier to create and manage tokens across multiple blockchain networks. The system will also provide token templates for the image of each type of digital asset, defining its controls and functions, according to the Bitcoin Exchange Guide.

The patent received by Microsoft will allow developers to write code for tokens on different platforms all at once. According to the company, it seeks to address the challenges of creating tokens for various distributed ledgers, which is currently complicated by the lack of standardization of the various blockchains. The token service patent primarily targets developers using enterprise platforms rather than public blockchains. The patent mentioned well-known projects in this category such as Hyperledger Fabric, Quorum, R3 Corda, and Chain Core.

In addition, Microsoft is working with the Token Taxonomy Initiative. This initiative is a token standardization project that allows businesses to create blockchain-neutral tokens.

Microsoft also filed a patent for cryptocurrency mining last year and is still awaiting a decision on it. According to the statement, the tech company intends to develop a cryptocurrency system that enables individuals to mine cryptocurrency using their body activity data, eliminating the need for specialized mining machines.

© 2021, Eva Fox. All rights reserved.


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Article edited by @SmokeyShorts, you can follow him on Twitter

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