New Azure Blockchain Tokens platform by Microsoft will help businesses create tokenized cryptocurrency coins that are compatible with the Token Taxonomy Initiative (TTI).
Microsoft, IBM, Intel, JP Morgan, ConsenSys and a number of other large firms are looking to make the building of enterprise based tokens as easy as plugging in your printer to the power socket and having printouts with a number of clicks. The Token Taxonomy Initiative (TTI) launched its public framework (Token Taxonomy Framework, TTF) on November 4th in Orlando, Florida during the Microsoft Ignite conference in a bid to standardize the development of enterprise-based tokens.
The TTI Platform Neutral Framework
According to the official press release, the TTI initiative is running on the backs of major technology companies such as Microsoft, IBM, ConsenSys, Ernst & Young, R3 and Intel. The companies unveiled the neutral platform on November 4th providing a gateway to easily create your tokens. Marley Gray, the principal architect at Microsoft, compared the Microsoft Azure blockchain-based platform solutions to that of fixing your printer.
“You can go and buy a printer or any type of device [now] and just plug it in and it works. It’s the same analogy here for tokens and that is what we are building in Azure.”
The platform will comprise of a number of token templates that the companies can choose from, from permissioned R3 blockchains to permissionless Ethereum based tokens. So far the company released 14 template drafts.
“We are creating a platform in the cloud where any token within the TTI framework can snap into place…If we want to take full advantage of what collaborative platforms have to offer, cross-platform transactions have to be able to communicate with one another. Standards are where that starts.”
Microsoft’s Deep Connection to Blockchain
Despite the founder’s (Bill Gates) dislike for Bitcoin, Microsoft has taken a more proactive approach in the underlying technology – blockchain technology. The Microsoft Azure blockchain platform has partnered with a number of companies to build enterprise-based solutions on the blockchain.
In August JP Morgan announced their affiliate project, Kadena joined the Microsoft Azure network. Furthermore, Microsoft Azure is partnering with Hyperledger and R3 (perceived rivals) in a bid to build the best available permissioned platform for its users.