Technology giant Microsoft has announced the arrival of their new Azure Blockchain Tokens platform. This is an initiative that is designed to help businesses to create their own tokens very easily.
What Did They Announce?
The details were revealed at the Microsoft Ignite conference that was held in Orlando, Florida. More information was then given by Marley Gray, principal architect at Microsoft and chairman of the Token Taxonomy Initiative (TTI). Marley envisions the task of creating crypto tokens to be as easy as connecting a laptop to a printer.
He pointed out that in the past it was complicated and time-consuming to set up a printer. This was due to different types and drivers. The task of creating blockchain tokens currently shares some of these same problems.
Therefore, the idea is that the process of making these tokens will now be as smooth as plugging in a printer. Gray pointed out that this isn’t just a Microsoft initiative. He stated that they are trying to break down the barriers to stop it being seen as Microsoft vs IBM or other companies.
How Does the Azure Blockchain Tokens Platform Work?
Gray said that they are making a cloud-based platform that will allow “any token within the TTI framework” to fit easily into place. This includes different blockchain variants such as Ethereum, R3, and IBM.
This platform will allow companies to take their pick from a series of templates. The number of templates is expected to grow over time. They all meet the TTI standards that Microsoft, IBM, Intel, and others are behind.
The tokens built in this way can be used for things like loyalty rewards and letters of credit, as well as to provide incentives for teams to meet their goals. Businesses will also be able to use tokens with the likes of SAP, Microsoft Office suite applications, and Dynamic more easily.
The example tokens being released include IBM’s Fabric FabToken. The BOND from Santander and Intel’s REWARD are also present. None of these tokens are in production yet. However, a statement from the Enterprise Ethereum Alliance (EEA) confirmed that the specs can easily be downloaded.
Gray confirmed that they are keen to break down barriers. They want to avoid it being seen as just a Microsoft project, or a case of Microsoft vs IBM or other companies.
How Will It Be Received?
This could be a significant breakthrough for businesses looking to create blockchain tokens. The presence of so many big-name companies on the Azure Blockchain Tokens project should help it to be a success. This should help the blockchain industry to keep on growing.