Companies such as IBM, Intel, J.P. Morgan and others join Microsoft and the Enterprise Ethereum Alliance in a new token specification.
Forbes has recently reported that Microsoft is using its secret platform to create Bitcoin-like tokens for a test drive.
The report tells how the software company created an asset to issue a wide range of cryptocurrencies. While several companies, including a video game team and a virtual reality platform, have already used the currency to create a series of experimental assets, and other giants like General Electric, are waiting to create theirs, as of today, anyone You can apply to preview the technology.
Called Azure Blockchain Tokens, crypto currency allows companies, or anyone really, to design, issue and manage a wide range of assets, which, like Bitcoin, can only be shown to exist in one place at a time, which makes them much harder to fake and much, much easier to audit. While Bitcoin compares more closely with fungible assets such as money or gold, Azure Blockchain Tokens will come – as Forbes says – “in many flavors, including non-fungible bonds, documents and tickets.”
As of today, companies that use technology rely primarily on an authorized version of the Ethereum blockchain that uses Microsoft Azure cloud computing to reach a consensus on transactions. But in the future, developers will be able to use Azure Blockchain Tokens in the Ethereum public blockchain or even in distributed accounting books created by some of Microsoft’s competitors, as the company informed Forbes.
He adds that Microsoft designed the Azure Blockchain Tokens to comply with a new taxonomy framework that describes the tokens developed by Digital Asset, IBM, JP Morgan, R3 and others “which means that although the distributed accounting books that feed the future interconnected network of tokens will be different, the genetic makeup of the tokens will be similar enough to be exchanged ».
Forbes explained that Microsoft’s work, using the same standard as the other participating Blockchain developers, could pave the way for a true explosion of similar enterprise-level tokens that work together as easily as if they were the single-company accounting system .
The crypto-news diary, Coindesk, also covered the event and adds words from Marley rayGray, principal architect of rosMicrosoft, who says he hopes that now building blockchain tokens in the cloud is as easy as plugging in a printer.
“You can buy a printer or any type of device and just plug it in and it works. It’s the same analogy for tokens and that’s what we’re building in Azure.”
The platform was announced at the Microsoft Ignite conference in Orlando, Florida, and allows companies to choose from a growing set of token creation templates that conform to the Token Taxonomy Initiative (TTI), a push for standards and a business consortium led by Gray.
Until now, a series of TTI-compatible tokens have been created for uses such as loyalty rewards or to encourage software teams to meet established objectives, as well as traditional financial instruments such as letters of credit in commercial finance.
IBM, Santander, Intel and more
The Azure Blockchain Tokens platform will be launched along with a series of sample tokens.
They range from a Hyperledger Fabric FabToken built by IBM to the Santander BOND token, to a REWARD token from Intel and ConsenSys and many more.
A spokeswoman for the Enterprise Ethereum Alliance (EEA), which is where Gray began the token taxonomy, said that while these examples are not yet in commercial production, all specifications are there for download. A technical team can basically say, “I want one of these,” the spokeswoman said.
Gray, who is also president of TTI, wanted to point out that Azure Blockchain Tokens is not just “a Microsoft thing.”
“It definitely isn’t. This includes IBM, R3, Digital Asset. We are partners with all of them.”
The IBM Blockchain platform, for example, runs on IBM Cloud. However, Gray said there should be “portability” of these types of tokens in clouds and networks, depending on the infrastructure that people need.