The world of cryptocurrencies has developed at a breakneck pace over the past few years, and now it has emerged that tech behemoth Microsoft (NASDAQ:MSFT) is going to work with Ethereum to create new digital assets. Until a few years ago, it was almost unthinkable that one of the biggest companies in the world was going to enter the crypto space—but now, things have certainly changed.
Microsoft is apparently working with ETH in order to find a way to audit newly created crypto tokens accurately.
In addition to that, the company also noted that the Azure Blockchain Tokens are going to be put into use in this particular project. Azure is the company’s very own cloud service, and over the years it has grown into a multibillion-dollar business. Azure Blockchain Tokens are operated through the Ethereum blockchain, and this is where the world’s second-biggest cryptocurrency comes into the picture. Now that the two have come together for this project, great things are sure to come to the crypto space—legitimacy, standard procedures, and who knows what else.
The founder of Ethereum, Vitalik Buterin, has stated that the arrival of new tokens has been particularly disruptive for the blockchain space and has created extreme congestions. By extension, it should be a problem for Azure as well, due to its presence on the network.
The principal architect at Microsoft stated what exactly Azure is going to bring to the table. He said, “We’re bringing the kind of efficiency you see in Amazon Fresh and Amazon Now everywhere… because you’re closing the gap between parties collaborating together and working through business processes.”
What do you think about Microsoft’s plans with Ethereum? Do you think this will bring good things to the crypto market?
Featured image: DepositPhotos © Violka08
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.