Software giant Microsoft has won a distributed ledger tech-based patent to implement a cross-chain token management system.
On Tuesday, The United States Patent and Trademark Office (USPTO) granted the patent to the concerned Microsoft subsidiary.
The name of the subsidiary is Microsoft Technology Licensing. This subsidiary had filed the patent in February 2019. Basically, it describes a “ledger-independent token service” through which users can create and manage tokens across multiple blockchain networks and platforms.
The patent also mentioned some popular examples regarding the technology. They are Ethereum, IBM-backed Hyperledger Fabric, JPMorgan’s Quorum, and Chain Core.
The abovementioned computer system is aiming to offer users one or more “token templates”. These “templates” refer to either physical or digital assets. Moreover, this token service acts as a signal interface, managing the lifecycle of tokens across multiple blockchains. Moreover, developers can write code for transacting and managing tokens “in a manner that is agnostic of the underlying distributed ledger networks.”
According to the patent’s authors, this system “makes development more efficient for emerging business use-cases that involve crossing ledger boundaries.”
Microsoft is increasingly stressing piloting projects based on crypto and blockchain technology. A couple of months back, the tech giant published a patent “Cryptocurrency system using body activity data”. In this paper, they described a method of crypto mining that exploits data associated with a user’s body activity.
Moreover, through this technology, users can mine crypto using their body activity data. This removes the need for specialized mining devices. On the other hand, many tech giants like IBM are also developing patents incorporating blockchain technology.