Microsoft introduces Coco Framework, makes blockchain networks enterprise ready

Microsoft introduces Coco Framework, makes blockchain networks enterprise ready”

IBM released a commercial blockchain product in March of this year, but enterprise computing vendors have been taking baby steps toward adopting this technology.

The Coco Framework needs a trusted execution environment because it relies on shared trust between machines running modified blockchain software in order to avoid the need for transaction verification. The CoCo Framework is a big help for enterprises, as more and more enterprises are looking to apply blockchain to meet business needs. This is because existing systems were created to function-and to achieve consensus-in public scenarios amongst anonymous, untrusted actors with maximum transparency. These safeguards, while necessary to ensure the integrity of public blockchain networks, require tradeoffs in terms of key enterprise requirements such as scalability and confidentiality.

"Blockchain is a promising and exciting new technology for secure online transactions", Change Healthcare CTO Aaron Symanski said in a statement.

Microsoft has announced that it is working with Intel and other blockchain leaders on a new framework geared towards bringing the technology to the enterprise.

The Coco Framework looks to address these problems by "designing specifically for confidential consortiums", the post said.

"Coco presents an alternative approach to ledger construction", said Mark Russinovich, chief technology officer at Microsoft Azure (pictured), "giving enterprises the scalability, distributed governance and enhanced confidentiality they need without sacrificing the inherent security and immutability they expect".

There are obvious security benefits to using this type of approach for transactions between companies and their suppliers, and it could be a much more efficient way of doing business than 90-day purchase orders and invoices.

The framework isn't a distributed ledger itself, but it's created to replace and augment parts of other blockchain software, like Ethereum, in order to accelerate transaction throughput, allow access controls for transactions, and help organizations manage governance.

Support for non-deterministic transactions.

Blockchain is the underlying technology behind the Bitcoin digital currency, but it has lots of other potential uses that have technologists and venture capitalists excited. Microsoft has already begun integrating Ethereum into Coco and JP Morgan Chase, Intel and R3 have committed to integrating enterprise ledgers, Quorum, Hyperledger Sawtooth and Corda, respectively. By using that shared trust, it's possible to bypass transaction verification operations like those required by the current open source version of Ethereum.

Coco, itself, isn't a ledger. We are building in this flexibility in part to allow the community to integrate Coco with additional protocols, try it on other hardware and adapt it for enterprise scenarios we haven't yet thought of. The aim is to speed up the adoption of blockchain-based systems in the enterprise, whilst simultaneously increasing privacy.

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