06.12.2021

Microsoft has created a system for managing a token on several blockchains at once

Microsoft has received a patent from the United States Patent and Trademark Office (USPTO) for software that will enable users to create various applications based on blockchain technology. Moreover, the tool will give access to multiple blockchains at once. The patent application was filed back in February 2019.

Microsoft has come up with a way to manage one token across multiple blockchains.

So far, the technology supports Ethereum, Hyperledger Fabric, Quorum and two more networks.

The technology can solve the problem of standardizing blockchain development, according to Microsoft.

The document argues that at the moment, the creation of tokens and their further management is difficult and cumbersome due to the lack of standardization in various blockchains. Microsoft, on the other hand, offers a system that is independent of the distributed data ledger, with which users can easily and efficiently create and manage tokens on different networks.

The system will work on the basis of templates with different attributes and control functions. The very procedure for creating a token will depend on its type.

For example, when creating a token in one ecosystem, the technology can additionally provide the user with several templates of the same token with additional functions for other blockchain networks.

So far, the technology allows to “clone” tokens within the following blockchain ecosystems:

Ethereum;
Hyperledger Fabric;
Quorum;
R3 Corda;
Chain Core.

Thus, developers will no longer need to deploy their own blockchain nodes and store cryptographic keys separately. Microsoft believes the patented technology will accelerate the scaling of the distributed ledger market. Now, according to employees of the corporation, there is no single standard for blockchain development on the market. However, support for other blockchains has not yet been reported.

However, Microsoft’s activity does not mean that the corporation itself is loyal to the cryptocurrency market. For example, in mid-March this year, Microsoft’s General Counsel and President, Brad Smith, announced that the corporation would not release its own cryptocurrency.

He noted that the issue of cryptocurrency creates a potential conflict of interest with regulators. Moreover, according to him, governments around the world are already “excellent” in their role in organizing the circulation and accounting of currencies.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *