Seattle-based tech giant Microsoft is testing out its platform for creating digital assets that allow users to transfer, transact, burn or mint tokens. The Azure Blockchain Tokens are built on a permissioned version of the Ethereum blockchain using cloud computing.
Instead of decentralized cryptocurrencies such as Bitcoin that use miners to verify transanctions, Azure Blockchain Tokens use Microsoft’s Azure cloud computing to reach consensus on transactions.
As noted on Microsoft’s official website,
“Azure Blockchain Tokens is a new Azure managed service that allows [users] to create and manage ledger-based tokens easily to accelerate [their] blockchain solution development. This service provides a set of prebuilt templates and the flexibility to create your own templates.”
According to Forbes, Los Angeles-based video game developer Mythical Games and virtual reality platform Ceek are using Microsoft’s platform to issue their own tokens. The framework is designed to expand the digital economy by moving assets and value across various interoperable blockchains and to create micro-digital economies. For example, Mythical is using a blockchain to create a game currency that can be made scarce and used as a medium of exchange for unique in-game objects.
Azure Blockchain Tokens has a software development kit that allows companies to quickly and conveniently launch and integrate digital assets into their business.
“With practical applications ranging from streamlining supply chains to managing retail loyalty points programs, tokenization has enormous potential to simplify and accelerate complex business processes – while also making them more secure.”
Microsoft calls blockchain technology “an immensely powerful concept that will forever change the way transactions between parties execute” and expects the world of public cryptocurrencies and private digital ledgers to merge,