Microsoft Coco Framework Promises Speedy Blockchain Service
11 August, 2017, 18:43 | Author: Pamela Mathis
It is not a blockchain itself however, but a foundation to deliver enterprise-ready distributed ledger solutions, Microsoft said.
Microsoft's announcement comes amid heightened interest in Blockchain from businesses who until now may have been put off by its challenges, such as throughput, latency, governance and confidentiality. While that is essential to maintaining the integrity of these public blockchains, it creates scalability and confidentiality problems for the enterprise.
"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.
Integrated with a blockchain network, the Coco Framework promises performance of more than 1600 transactions per second while maintaining data confidentiality and providing a distributed governance model for running the consortium. The framework is also designed to allow enterprise developers to create business-specific confidentiality models that take into account multiple assets, partners, viewers and transaction models.
Intel® Xeon processors provide unique capabilities that can improve the privacy, security and scalability of distributed ledger networks.
The blockchain service is set to be named the Coco Framework and will incorporate Intel architecture extensions that are meant to enhance security, while improving transaction speeds and scaling. "Adding data confidentiality support without sacrificing this improvement is what will enable us to lead the digital transformation we are envisioning with Smart Supply Chains." . For example, an enterprise that wants to use a blockchain to manage its relationships with suppliers might want one or two companies to be able to view all the transactions on a network while limiting other participants to viewing a subset of those deals.
Indeed, JP Morgan Chase, Intel and R3 (database specialists) have agreed to start using the framework in conjunction with their own blockchain ledger platforms. "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". This is just the beginning, and we look forward to exploring integration opportunities with other ledgers in the near future.
Redmond claims the speed of its Coco Framework is a world first and is far faster than other blockchain networks now available.
It is worth noting that the Coco Framework also sits on Azure, and it is compatible with any ledger protocol and can operate in the cloud and on-premise, on any operating system and hypervisor that supports a compatible trusted execution environment.
I believe Coco can only benefit from the diverse and talented open source communities that are driving blockchain innovation today.
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ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by Chaffey Breeze and is the property of of Chaffey Breeze. AQR Capital Management LLC's holdings in Cenovus Energy were worth $1,876,000 at the end of the most recent reporting period.
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