Tech juggernaut Microsoft has won a patent for techniques for implementing a blockchain-powered token management system.
Microsoft’s subsidiary, Microsoft Technology Licensing, has received patent approval from the United States Patent and Trademark Office (USPTO).
The tech company filed a patent for the blockchain system last February 2019. Microsoft describes this system as a ledger-independent service. This is a software that allows both individuals and organizations to create and manage tokens on various distributed ledger networks and platforms.
The platforms that are included in the patent filing are Ethereum, R3 Corda, Chain Core, Hyperledger Fabric (backed by IBM), and Quorum Q3 (JP Morgan).
Multiple token templates
The advanced system is also described as a platform that can provide users with one or more multiple token templates, with each of those corresponding to a type of physical or digital asset.
It also serves as a single interface for managing the lifecycle of tokens across various blockchains, and this allows developers to write codes for transacting and managing tokens in a more efficient way.
The authors of the patent said that the blockchain-based token management system is certainly a more efficient tool for operations that are related to crossing ledger boundaries.
Microsoft’s blockchain ventures
Just like other tech giants, Microsoft’s interest in blockchain technology has been increasing over the years, made clear by the ventures it has initiated. In fact, its recent patent victory isn’t its first attempt at filing a patent for a blockchain-related project.
Throughout the years, Microsoft has been busy filing patents for technologies intended to be applied in the crypto industry. This means that the company is eyeing a leading role in the fast-growing market, with some analysts even saying it wants to replicate its massive success in the software market back then in the cryptocurrency industry. SOURCE Microsoft wins crucial blockchain-related patent – Micky News