Leading American tech company Microsoft has been granted a blockchain-related patent to introduce ledger-independent token services. The patent was issued by America Patent and Trademark Office (USPTO).
Microsoft Aims To Solve Interoperability Issues
The patent will allow Microsoft to construct a system that facilitates the creation and administration of tokens throughout a number of blockchain networks. The system would additionally present token templates to depict every kind of digital asset whereas defining its controls and features.
With this method, the patent would enable builders to write code for tokens on different platforms.
According to the announcement, Microsoft goals to resolve the issues surrounding creating tokens for various distributed ledgers. Currently, it’s troublesome to take action because of the lack of standardization throughout different blockchains.
The Ledger-independent token service patent seems to be primarily geared toward builders using enterprise platforms rather than public blockchains. Notable tasks in this class like Hyperledger Material, Quorum, R3 Corda, and Chain Core have been talked about in the patent.
Moreover, in this project, Microsoft’s interest in interoperability can be seen in its involvement within the Token Taxonomy Initiative. Launched in 2019, this initiative is a token standardization venture that enables enterprises to create blockchain-neutral tokens.
The problem of interoperability has become essential as several crypto projects are actively concerned with building solutions. One of such tasks is the decentralized oracle network Chainlink, which introduced its Cross-Chain Interoperability Protocol (CCIP) earlier this month.
The new protocol goals to solve the safety issues of existing bridges by the proper use of cryptographic primitives. It is going to additionally introduce a token bridge that can enable customers to move their tokens throughout any blockchain community in a secure, scalable, and cost-efficient method.
Despite its current success, Microsoft awaits the verdict on a crypto mining patent filed last year. In response to the appliance, the tech large intends to develop a cryptocurrency system that permits people to mine cryptocurrency utilizing their physique activity data, eliminating the need for specialized mining machines.
Blockchain Patents Gaining Traction
Blockchain-related patent applications have elevated in the last few years due to the wide adoption of blockchain technology and cryptocurrencies.
Per the Intellectual Asset Administration Journal report launched earlier this year, Alibaba’s Ant group has filed for over 2,000 blockchain patents since 2015. In America, one of many largest financial institutions, the Financial institution of America, introduced that it was granted 227 patents this year, 8% of which were blockchain-related patents.
However, IBM remains the very best blockchain patent holder within the US. Earlier this year, IBM partnered with Paris-based firm IPwe to introduce the first global patent market to show patents into non-fungible tokens (NFTs).