Multinational technology firm Microsoft has secured a patent for implementing a “ledger-independent token service” in the United States. The patent will allow Microsoft to <a href="https://www.cryptoknowmics.com/news/microsoft-wants-to-fight-piracy-with-ethereum-based-bounty-system/">develop a system</a> that makes token creation and management easier and more efficient across different blockchain networks.
<h2>Microsoft Acquires Blockchain Patent for Token Interoperability Solution</h2>
According to Microsoft’s <a href="https://uspto.report/patent/grant/11,102,003?__cf_chl_jschl_tk__=pmd_TeiOAn6YhUtYZ1BAKCOrAmAF1Dsp.RVXfWMCZ_1eD2E-1630037950-0-gqNtZGzNArujcnBszQiR" target="_blank" rel="nofollow noopener">filing</a> on the United States Patent and Trademark Office (USPTO) website, creating and managing tokens is “difficult and cumbersome” currently because blockchain networks lack standardization. 

“Due to the current lack of standardization across DLTs and token implementations, the process of building such applications, particularly in scenarios that involve multi-ledger transactions and/or token reuse, can be difficult and cumbersome,” Microsoft noted in the grant document. 

To bridge this gap, Microsoft intends to build a system that provides developers with token templates that correspond to different types of physical and digital assets. These templates will also enable developers to define attributes and controls depending on the asset class or type. Once users select their preferred template, the system will generate their token on the designated blockchain network.

With a ledger independent token service, developers could simultaneously code tokens on different networks. This will be made possible by a common interface for asset management that will remove the need for token-specific code. 

“With the foregoing features, the ledger-independent token service can empower individuals and organizations to build applications and business logic involving tokens more easily and efficiently than before”, Microsoft stated.

As of now, Microsoft has made no official announcements about the patent or the progress made on the proposed service. 
<h2>Microsoft’s Previous Attempts at Token Standardization</h2>
In 2019, Microsoft collaborated with Intel, IBM, and many other high-profile names from the Enterprise Ethereum Alliance to establish a Token Taxonomy Initiative (TTI). This was the company’s first attempt at standardizing tokens and introducing a blockchain agnostic foundation for the community to build upon. The initiative was chaired by Microsoft’s Marley Gray, who at the time served as a Principal Program Manager at <a href="https://www.cryptoknowmics.com/news/azure-blockchain-of-microsoft-migrates-to-consensys-quorum-blockchain-service/">Azure Blockchain</a> Engineering.

Microsoft Secures Patent for Implementing Ledger-Independent Token Service

Multinational technology firm Microsoft has secured a patent for implementing a “ledger-independent token service” in the United States.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Microsoft Secures Patent for Implementing Ledger-Independent Token Service

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