By Landon Manning
Microsoft’s Azure Blockchain Tokens platform will soon be available to a large number of private businesses, allowing them to mint their own crypto assets.
On November 4, 2019, Forbes reported that the legacy tech is now allowing any enterprise to apply to preview the system. With it, they will be able to outline, distribute and track their own distributed ledger-based tokens. Forbes also reported that this development involves a number of partners in addition to Microsoft, such as R3, IBM, JPMorgan and others.
Tokens developed on the Azure platform will be based on “a permissioned version of the Ethereum blockchain,” which will allow users to have relative flexibility with their crypto assets’ development cycles. They would be able to issue and manage them on the public Ethereum blockchain or on derivative, distributed ledger projects.
This crypto asset development platform is just one of several DLT-based projects that Microsoft has been pursuing. It began consolidating support into the cross-company Azure project in September 2018, recruiting competing tech giants like IBM and AT&T into a common initiative to build a highly sophisticated blockchain infrastructure. From there, Microsoft has been working steadily in the space, on upgrades to the Azure system and toward greater acceptance of distributed ledgers across the company.
More information about using Azure Blockchain Tokens is available through Microsoft’s portal. For companies attempting to set up a token through this procedure, the site includes a fairly straightforward progression: Companies are connected to Microsoft developers who are able to use the existing skeleton of the token infrastructure to create an asset that conforms to the client’s needs, which is then ready for deployment into a wide variety of distributed ledgers.
Although the project has only been available to the public for less than a week, private companies are already displaying interest in using this convenient process to set up their own assets.
Mythical Games, for example, has already publicly declared its intent to use this service. According to interviews with developers, the end goal of the Azure Blockchain Tokens project is to increase the accessibility to crypto assets across the economy as a whole. Just as other, now commonplace, technological marvels had to undergo intense growing pains before becoming widely adopted, Microsoft hopes that this project will usher in an unprecedented wave of crypto asset adoption worldwide.
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