Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
Microsoft has announced the Azure Blockchain Tokens platform which will allow building blockchain tokens in the cloud.
In a move that has seen Big Tech enter the crypto space on a whole new level, Microsoft has launched a platform on its Azure cloud infrastructure to make token deployment to become as easy as possible.
Referred to as the Azure Blockchain Tokens platform, the platform aims to make the issuance and existence of blockchain tokens to become cloud-based and to also enable the operating environment of such blockchain projects to become seamless and as easy as possible.
This was revealed at the Microsoft Ignite Conference at Orlando Florida on Monday. Based on the Token Taxonomy Initiative (TTI) which is a set of standards for the issuance of blockchains that involve technology giants such as IBM, Microsoft, Intel among others which is a part of the Enterprise Ethereum Alliance (EEA) which is an open-source organization committed to creating a common set of standards which can implement enterprise-ready blockchain projects on the go.
The Enterprise Ethereum Alliance has so far been able to bring all competing blockchain variants in the corporate space under one roof to advance the interests of the blockchain community. The Azure Blockchain Tokens Platform is proof-of-concept that unity among the corporate technology giants is possible.
Marley Gray who is the principal Architect of Blockchain projects at Microsoft indicated to sources that now “you can go and buy a printer or any type of device [now] and just plug it in and it works.”
This, of course, demonstrates the scale at which Microsoft intends to enter into the crypto space leveraging on the vast computing power available on its immensely successful Azure platform.
The Azure Blockchain tokens platform already has several prototype tokens that have already been implemented. They include IBMs’ Hyperledger Fabric FabToken to Santander’s BOND token, Intel’s REWARD token, ConsenSys among others.
TTI tokens have already made their debut in terms of stated goals and objectives which have already seen several use-case scenarios which range from loyalty reward programs to incentivization of software projects and these have shown great promise in the crypto space.
The challenge, however, is the centralization of blockchain technology which defeats the aim of cryptocurrencies in the first place. Having all the nodes for transaction confirmation on one server on a common set of servers provides the kind of centralization that initiated the emergence of cryptocurrencies in the first place.
However, Microsoft and the other members of the Ethereum Enterprise Alliance have been able to do what many haven’t been able to do in the first place: that is to unite key players under one roof in the first place.
Now, although other platforms exist where tokens are being hosted such as IBM’s Blockchain platform, cooperation among EEA members has already made some impact. According to sources, Gray indicated this when he said:
“The industry has suffered from an IBM versus Microsoft thing, Hyperledger versus ethereum, and so on. We are trying to break down those barriers.”
Maybe it is time for everyone to work together. This will lead to greater adoption of blockchain technology in the wider technology space.