Microsoft introduces Coco Framework, makes blockchain networks enterprise ready
Aug 12 2017 by Michele Stevens
The Coco Framework, short for "confidential consortium", is blockchain protocol-agnostic and is compatible with most current blockchains and is created to extend their capabilities by adding key enterprise needs. Our mission is to help companies thrive in this new era of secure multi-party computation by delivering open, scalable platforms and services that any company-from ledger startups to retailers to health providers to global banks-can use to improved shared business processes. Intel is actively engaged with industry leaders to improve performance, reliability and scalability of blockchain technologies.
Speed and scalability are a focus for Coco, offering throughput and latency that is close to database speeds, the post claimed.
To address these problems and eventually make blockchains more suitable for the enterprise Microsoft announces its new Coco Framework (stands for Confidential Consortium).
Large businesses, including numerous world's biggest banks, have been investing in blockchain in the hopes that it can help simplify and reduce the costs of some of their data-heavy processes.
To ease such concerns, Microsoft is pitching Coco as easier to use than other Blockchain products and is targeting a number of industries including financial services, supply chain and logistics, healthcare and retail.
"Blockchain is a transformational technology with the ability to significantly reduce the friction of doing business", said Mark Russinovich, Chief Technology Officer of Azure at Microsoft. We have listened to the needs of our customers and the blockchain community and are bringing foundational functionality with the Coco Framework.
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Whether a customer is designing an end-to-end trade finance solution, using blockchain to ensure security at the edge or leveraging Enterprise Smart Contracts to drive back office efficiencies, Coco enables them to meet their enterprise requirements.
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.
It will be available both on-premises and in the cloud.
R3 Corda, Intel's Hyperledger Sawtooth and JPMorgan Quorum are some of the open source blockchain and distributed ledgers that will integrate with the new CoCo platform. "Opening up Coco is a way to scale development far beyond the reach and imagination of our initial working group, and our intent is to contribute the source code to the community in early 2018".
Coco can run on any operating system and hypervisor layer that supports a compatible TEE, in the cloud or on in-house servers.
While the Coco Framework will work with any ledger technology, R3, Intel, and JP Morgan are planning to support it off the bat with their respective ledgers, Microsoft said.