Tech giant Microsoft has had its patent granted by the US Patent and Trademark Office (USPTO) for a new system allowing users to create crypto tokens that will be interoperable with all chains.
On August 24, a US patent was granted to Microsoft for developing a “ledger-independent token service”. The end result will be a “software service that enables users (individuals, organisations, automated agents/applications, etc) to create, transact with, and manage tokens across multiple different distributed ledger networks/platforms in a common way”.
Bank of America, one of the largest financial institutions in the US, announced earlier this month that it had received 227 patent approvals in the first half of 2021, 8 percent of which were blockchain-related.
Microsoft’s Token Creation System
In the case of the MS patent, the technology will allow the user to choose one or more token templates where each fits a type of physical or digital asset. The tokens have a set of one or more attributes and one or more control functions associated with each type.
The computer system receives from the user the selected token template and then creates the token on the distributed ledger network. In other words, it could allow anyone to create their own token without having to write smart contract code, but by using predefined and parametrisable smart contract templates available on different blockchains.
As well as creating their own tokens, users could upload their smart contracts between different blockchains, letting the system do all the technical work. Under the MS patent, the creation of these cross-chain tokens can be managed with a single user interface, making it much more user-friendly to adopt the technology.
Will It Be Available to the Public?
Despite the patent being granted to Microsoft, it’s not a sure thing that this technology will be publicly available as it has not been explicitly stated it would be made into an actual product.
The goal is to make token development more efficient for business use cases that involve surpassing the limits of a single blockchain. Companies that wish to enter the blockchain industry or make use of blockchain technologies can use this kind of system without needing the skills and savvy to create such a technically advanced layer for a business.
Microsoft has been actively involved in blockchain-related development in recent years, filing a wide number of patent applications related to the cryptocurrency industry with Hyperledger and the Enterprise Ethereum Alliance. It also recently developed a blockchain-based anti-piracy system.
Microsoft may play a significant part in the future of blockchain by using this patent, perhaps becoming one of the protagonists of the cryptocurrency revolution, which for now is still in its relative infancy.
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