[WIP] Replace deprecated bincode with alternative serialization

[Copilot]

Thanks for assigning this issue to me. I'm starting to work on it and will keep this PR's description up to date as I form a plan and make progress.

Original prompt

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This section details on the original issue you should resolve

<issue_title>Replace use of bincode</issue_title>
<issue_description>Bincode is no longer maintained. </issue_description>

<agent_instructions>Chose the best alternative that is already used by other MSFT projects. It needs to be fast and actively maintained, with secure coding practices.</agent_instructions>

Comments on the Issue (you are @copilot in this section)

• Fixes Replace use of bincode #575

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