Microsoft brings blockchain to business with new framework
The Coco Framework is claimed to reduce the complexity of working with current blockchain protocol technologies. When integrated with blockchain networks, says Microsoft, it addresses critical needs for commercial adoption like high-transaction speed, distributed governance, and confidentiality.
“Blockchain is a transformational technology with the ability to significantly reduce the friction of doing business,” says Mark Russinovich, chief technology officer of Azure at Microsoft. “Microsoft is committed to bringing blockchain to the enterprise. Through an innovative combination of advanced algorithms and trusted execution environments, like Intel’s Software Guard Extensions (SGX) or Windows Virtual Secure Mode (VSM), we believe this takes the next step toward making blockchain ready for business.”
Key benefits of the Coco Framework include transaction speeds of more than 1,600 transactions per second and easily managed data confidentiality without sacrificing performance. In addition, it features a comprehensive distributed governance model for blockchain networks that establishes a network constitution and allows members to vote on all terms and conditions governing the consortium and the blockchain software system.
“Our mutual customers are excited by the potential of blockchain,” says Rick Echevarria, vice president, Software and Services Group and General Manager, Platforms Security Division at Intel. “Intel is committed to accelerating the value of blockchains powered by Azure on Intel hardware, by improving the scalability, privacy and security of the solutions based on our technologies.”
The Coco Framework will be compatible with any ledger protocol and can operate in the cloud and on premises, on any operating system and hypervisor that supports a compatible trusted execution environment. Initial Coco Framework implementations will include R3 Corda, Hyperledger Sawtooth, J.P. Morgan Quorum, and Ethereum.
Microsoft plans to launch the framework on GitHub in 2018 as an open source project. In addition, the company says it will work with customers and partners, as well as the blockchain technical and business communities, to continue advancing foundational blockchain technology. For more, see the CoCo Framework white paper (PDF).
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