Tech giant Microsoft announced the launch of the Azure Blockchain Tokens platform on Monday during the Microsoft Ignite conference in Orlando, Florida.
Marley Gray, principal architect at Microsoft, stated the company hopes to make blockchain token development as easy as plugging in a printer.
“You can go and buy a printer or any type of device [now] and just plug it in and it works,” said Gray.
“It’s the same analogy here for tokens and that is what we are building in Azure.”
The blockchain software will allow businesses to select a token-building template, which will follow the newly developed Token Taxonomy Initiative (TTI), a new standard spearheaded by Microsoft.
Numerous TTI-compliant tokens have already been issued for loyalty rewards, incentives for software teams to meet goals, and as traditional financial instruments like letters of credit in trade finance.
The TTI has even partnered with competing blockchain firms, including IBM and R3, to work together.
“We are creating a platform in the cloud where any token within the TTI framework can snap into place,” Gray said.
“You can build applications where you want to use tokens with, for example, Dynamics, SAP, applications in the Office suite or some other business automation process.”
The Azure Blockchain Tokens platform will be released with several example tokens, including Hyperledger Fabric’s FabToken built by IBM, Santander’s BOND token, REWARD token from Intel and ConsenSys, and many more.
“The industry has suffered from an IBM versus Microsoft thing, Hyperledger versus ethereum, and so on. We are trying to break down those barriers.”