Microsoft has announced a tokenization and blockchain data management service on its Azure platform. Azure Blockchain Tokens should make it easier to create and manage tokens while following industry standards. In addition it’s now easier to add blockchain-functionalities to existing apps with the new Azure Blockchain Service.
Microsoft has been talking about Azure Blockchain Service for a few months now. This new initiative is a so-called Blockchain-as-a-Service, or BaaS. Companies like Blockstream, Dragonchain, Factom, but also Amazon Web Services are competitors in this field.
At the moment Azure Blockchain Tokens is only available in preview. One of the first companies using Microsoft’s blockchain platform is CEEK Virtual Reality. They use it to create a platform for royalty payments, while content creators can track the viewership on their content. These services are created for commercial purposes.
The blockchain services provided by Azure aren’t public blockchains like Bitcoin or Ethereum. However, Microsoft does work with Ethereum. The company has an extension for Visual Studio Code called Azure Blockchain Development Kit for Ethereum. In addition they’ve been working on artificial intelligence build on the Ethereum blockchain. They are even building an identity network on Bitcoin.
Microsoft loves digital tokens
Microsoft can now reward developers with digital collectibles if they’ve provided valuable contributions to the Azure community. The software behemoth partnered with blockchain startup Enjin to provide its development community with these tokenized rewards. Developers can earn these badges by developing software, creating content or helping people out.
The token hype doesn’t stop at Azure. Microsoft has been working with companies like IBM and Intel to create a framework for tokenization. They want to set an industry standard. This so-called Token Taxonomy Framework is platform neutral and provides a set of definitions for tokens in all kinds of implementations.
Also published on Medium.