Wonderful news today, both for the tech and crypto world, as Microsoft has been awarded the patent for the cross-platform token services. The patent is for the ledger independent token services in the US, and by definition, it means that the digital assets could be transferred from one account to another without the need for registering everything onto a ledger or blockchain system at all. The very objective of this technology is to find a solution for cross-platform delivery of the tokens, or in simpler words, Microsoft has embarked on a mission to find a definitive solution for transferring Ethereum to bitcoin or Bitcoin to Ethereum without the need for breaking the casual blockchain barriers for the two.
Microsoft’s New Patent can Revolutionize Crypto Space
It is just like converting crypto into fiat and vice versa, but if this could be pulled off, then it would mean a literal revolution for the crypto industry as one cryptocurrency can be converted into another without the need for registering anything on two separate blockchains, rather than this getting all the records onto a third one that serves as a unified platform for cross-platform checks. Tokens will be minted by Microsoft that will be able to break free from the cross-platform integration and spanning of the information on multiple blockchains.
In theory, if someone is to transfer some bitcoin to Ethereum’s blockchain, then the transactional record will have to be recorded on both of the blockchains. This is not only going to incur more transactional costs but will be time-consuming as well; other than that, when one has to verify the transaction, they will have to consult two different blockchains to be able to do that.
So, what Microsoft is doing here is to propose an alternate blockchains system that is a unified sum of all the crypto blockchains that are being used in a cross-transfer of finances from one blockchain to another. So, if you have to find suitable information about the transaction that was done in the past, say transfer of 1 BTC to ETH, then you can find the record on the unified platform rather than inspecting either the Bitcoin’s or Ethereum’s blockchain for that matter.