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Microsoft has unveiled the Azure Blockchain Tokens platform, which will allow businesses to easily create and manage ledger-based tokens and accelerate the development of their blockchain solution.
Businesses can select from a wide selection of token-building templates, which are compliant with the Token Taxonomy Initiative (TTI). They can also create their own templates based on the standards developed by the TTI.
What this means is that while the tokens are built on different blockchain networks, their “genetic makeup” will be similar enough for these tokens to be exchanged, explained Forbes.
“We are creating a platform in the cloud where any token within the TTI framework can snap into place,” Marley Gray, principal architect at Microsoft, said (as quoted by CoinDesk). “So you can build applications where you want to use tokens with, for example, Dynamics, SAP, applications in the [Microsoft] Office suite or some other business automation process.”
Gray likened the new service to how a printer works nowadays where users can simply buy one from different manufacturers and plug it in a computer and it’s still compatible.
He went on to say that Azure Blockchain Tokens is not just "a Microsoft thing," adding that they have partnered with a number of technology companies.
“This includes IBM, R3, Digital Asset. We are partners with them all," he said.
Microsoft is releasing the platform alongside a range of example tokens including a Hyperledger Fabric FabToken built by IBM, BOND token from Santander, and a REWARD token from Intel and ConsenSys and more.
Los Angeles-based Mythical Games is one of the earliest users of Azure Blockchain Tokens. Backed by Galaxy Digital, the company is leveraging blockchain to reimagine video game economies.
With corporate giants, such as Facebook and JP Morgan, implementing blockchain tech and creating tokens of their own, such an initiative from Microsoft to bring the same token standard to blockchain developers could open up a multitude of doors that leads to a breakthrough in technological innovation.
Image credit: https://www.flickr.com/photos/wonderlane/46757482724
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