Coco Framework, a first of its kind innovation. Microsoft announces it to advance enterprise espousal of Blockchain based technology. The priority of this framework is to ensure enterprise resolve their operational and security issues/need. To do this, they require complicated development techniques.
However, the coco framework would reduce the complexity. Further it address the critical needs for commercial adoption if it integrated with Blockchain technology. Commercial adoption will include distributed governance, high transaction speed and confidentiality. Furthermore, these adoptions will bring real world Blockchain circumstances around sectors like healthcare & retail, financial services, supply chain and logistics and to allow business transform itself digitally.
“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. “Microsoft is committed to bringing blockchain to the enterprise. We have listened to the needs of our customers and the blockchain community and are bringing foundational functionality with the Coco Framework. Through an innovative combination of advanced algorithms and trusted execution environments (TEEs), 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.”
Why Microsoft is integrating Co-co framework with Blockchain?
The program would offer transaction speed of above 1600 transaction/speed. It would not sacrifice performance and maintain data confidentiality.
“We are thrilled to work with Microsoft to bring blockchain to the enterprise,” said Rick Echevarria, vice president, Software and Services Group and General Manager, Platforms Security Division at Intel. “Our mutual customers are excited by the potential of blockchain. 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.”
Coco Framework network vs. Ethereum consortium network
The foremost difference between Coco Framework from the Ethereum network is the design that is compatible with any ledger protocol. The framework can also be operated in the cloud. According to Russinovich, the concept of Ethereum’s using proof of work could potentially affects its productivity. Though, it Strengthens via the smart contracts that require referring data like currency rates.
He also stated; the Coco Framework’s TEE will empower the origin of trusted network among Consortium blockchain players.
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Coco Framework adopters
Furthermore, Russinovich announces Intel, Chase Bank and Ethereum network are Coco Framework users. According to him, Ethereum network is delivering 1500 -1600 transactions/seconds with latency amidst 100-200 milliseconds in an organized test via Ethereum ledger in Coco.