Microsoft unveils Coco Framework, aimed at boosting blockchain

Microsoft unveils Coco Framework, aimed at boosting blockchain

While providing sturdy security for the blockchain, the Xeon processors are also expected to boost the performance of the new technology.

Microsoft is committed to bringing blockchain to the enterprise-and is working with customers, partners, and the blockchain community to continue advancing its enterprise readiness.

The technology can be used for everything from simple file sharing to complex global payment processing and has the potential to transform the way companies operate. This is because existing systems were created to function-and to achieve consensus-in public scenarios amongst anonymous, untrusted actors with maximum transparency. Current blockchain protocol technology requires complicated development techniques to meet the operational and security needs of enterprises.

Microsoft Corp. today announced the release of Coco Framework, an open-source system for building large scale, confidential blockchain networks that meet enterprise standards. "Through the TEE, each node controls the encrypted data coming in and out for different transactions, smart contract agreements, and data exchanges between distributed applications (DApps) built on the blockchain".

Enterprises may not worry about confidentiality as well (even given the public character of a ledger), as Coco adds a confidentiality layer on top of any of it.

Also, Coco Framework, when integrated with blockchain networks, addresses high-transaction speeds. 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.

A 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.

Support for non-deterministic transactions.

Coco, itself, isn't a ledger.

We have already begun exploring Coco's potential across a variety of industries, including retail, supply chain and financial services.

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.

It will be available both on-premises and in the cloud.

By design, Coco is open and compatible with any blockchain protocol. Initial Coco Framework implementations will include R3 Corda, Intel Hyperledger Sawtooth, J.P. Morgan Quorum, and Ethereum. This is just the beginning, and we look forward to exploring integration opportunities with other ledgers in the near future.

CoCo will be ready and made open source by 2018. "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 platform is aiming to solve these issues through the introduction of a trusted execution environment (TEE) and advanced algorithms.

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