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Microsoft receives patent for cross-chain token management service

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TL;DR Breakdown:

  • Microsoft has been awarded a patent for a system that will allow easy token creation and management.
  • The system will enable users to design the properties of their desire token in template format.

The United States Patent and Trademark Office (USPTO) has granted technology giant Microsoft a blockchain-related patent for cross-chain token creation and management systems. According to the tech company, the new system will allow developers to easily create and manage their cryptocurrency. 

Microsoft to streamline crypto token management

Following the USPTO document, Microsoft filed for the patent back in February 2019, but it was only approved and granted to the company on 24 August 2021. In the patent, the company highlighted it was pursuing “ledger-independent token services” that will make token creation and management easier for users on any desired blockchain network. 

The available mediums for creating and managing tokens on different distributed ledger networks are “difficult and cumbersome,” reads the blockchain patent. However, Microsoft is planning on a system that can simplify the process, enabling users to prescribe the desired functions for their token in a template format.

As proposed in the document, the system in question would present users with a template with various attributes and control functions based on the input/request they made. The system will proceed with the token creation based on the selected template. It will equally make provision for functions that will allow users to manage their tokens. 

Microsoft dabbles in crypto space

Although the technology company has previously said it doesn’t have any plan to invest in cryptocurrency like Bitcoin, it has been slowly tapping into the crypto and blockchain space, sometimes via partnerships. Recently, Microsoft’s Decentralized Identity team rolled out an online ID authentication service on the Bitcoin mainnet. 

Last year, the company had partnered with ConsenSys to launch Ethereum development suites on the Azure marketplace. Cryptopolitan also reported on the company received patent for a system that will reward users with cryptocurrency for performing physical tasks. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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