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 develop a system that makes token creation and management easier and more efficient across different blockchain networks.
According to Microsoft’s filing on the United States Patent and Trademark Office (USPTO) website, creating and managing tokens is “difficult and cumbersome” currently because blockchain networks lack standardization.
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.
As of now, Microsoft has made no official announcements about the patent or the progress made on the proposed service.
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 Azure Blockchain Engineering.