December 9, 2021

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Microsoft awarded patent for crypto token creation software

Microsoft awarded patent for crypto token creation software
Microsoft has been awarded a US patent for software which will help users to develop blockchain applications and create crypto tokens. The tech behemoth has secured a patent for “ledger-independent token service” which executes user requests to create new tokens on a ledger network. The request was filed in 2019. The system will offer “token templates”…

Microsoft has been awarded a US patent for software which will help users to develop blockchain applications and create crypto tokens.

The tech behemoth has secured a patent for “ledger-independent token service” which executes user requests to create new tokens on a ledger network. The request was filed in 2019.

The system will offer “token templates” so that coins can be quickly and easily created by users who are able to select different attributes and control functions. The software will also help blockchains to interact with one another, helping to fix an age-old problem in the crypto space.

The filing noted that “due to the current lack of standardization” across blockchain based technology transactions involving multiple ledgers can be cumbersome. In other words, Microsoft has identified a need for software which allows people to trade coins between different chains.

This is not the first time that Microsoft has signalled an interest in blockchain technology products.

In January, it launched a blockchain-based messaging service in partnership with Indian firm, Tenla. Back in March, the tech giant filed for a patent to create a cryptocurrency mining system which would be powered by human bodily activity.

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