US IT giant Microsoft has now received a patent for a service related to blockchain technology that facilitates a cross-chain token administration system.
The patent, which would enable developers to create ledger-independent tokens easily, was issued by the US Patent and Trademark Office.
By deploying this service, developers can issue and manage tokens regardless of the type of ledger while also offering efficient development of apps and services that include tokens
Microsoft has always been interested in blockchain and cryptocurrency technologies and filed several patent applications related to the crypto industry. In 2020, the company applied for a system that mines crypto using human brain waves and body heat. This mining method executes Proof-of-Work in a way that removes the need for specialized mining devices.
The approved patent application explained the mechanism of the service. A user would send a request to a computer system to issue a token in a ledger.
The system in turn would provide a template for one or more tokens to the user and the user would send the selected template to the computer. Finally, the computer system will issue a token in the specified ledger.
In the patent, the company noted that there are currently cases where development methods are not standardized among multiple ledgers including difficulties related to cross-ledger transactions and token reuse.
To overcome this problem, Microsoft developed a new technology that would allow developers to write code for tokens on various platforms and networks all at once.
Some of the notable platforms mentioned in the patent were Ethereum, Hyperledger Fabric, JPMorgan’s enterprise blockchain platform Quorum, R3 Corda, and Chain Core.
Microsoft has been actively involved in interoperability projects such as its participation in the Token Taxonomy Initiative, another token standardization project. It was also involved in blockchain initiatives such as Hyperledger and the Enterprise Ethereum Alliance.