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What Happened: Multinational tech giant Microsoft Corporation has been awarded a patent for implementing a “ledger-independent token service.”

According to the grant issued by the United States Patent and Trademark Office (USPTO), the patent will allow Microsoft to build a system that facilitates the creation and management of tokens across multiple blockchain networks.

The computer system can also provide token templates to the user. Each of these will correspond to a type of physical or digital asset and define a set of one or more attributes and control functions.

Why It Matters: Essentially, the ledger independent token service will act as the common interface for transacting with all tokens across all distributed ledger networks and platforms created through the service.

It will also serve as a mechanism for standardizing the tokenization of physical and digital assets.

“With the foregoing features, the ledger-independent token service can empower individuals and organizations to build applications and business logic involving tokens more easily and efficiently than before,” stated the filing.

Blockchain interoperability is the need of the hour in the crypto space and a number of crypto projects are actively involved in building solutions on this front.

What Else: Decentralized oracle network Chainlink (CRYPTO: LINK) recently announced a Cross-Chain Interoperability Protocol (CCIP).

Chainlink Founder Sergey Nazarovdescribedthe protocol as one that solves the security issues of existing bridges through the proper use of cryptographic primitives.

CCIP will also introduce a token bridge that will allow users to move their tokens across any blockchain network in a secure, scalable, and cost-efficient manner.

Price Action: Microsoft shares closed 0.20% lower on Wednesday at a price of $302.01.