Microsoft revealed its answer to working out some of the major issues companies face when deploying the increasingly popular blockchain technology on Thursday. Coco Framework, short for confidential consortium, is an open-source system that will enable “high-scale, confidential blockchain networks that meet all key enterprise requirements,” chief technology officer at Microsoft Azure, Mark Russinovich, said of the framework which will be released in 2018 for free.
In the announcement of Coco Framework, Russinovich calls blockchain “a transformational technology” and highlights a growing number of companies have begun to rely on the technology for smart contracts, tracking assets, traceability, transparency, security and other purposes, while Microsoft’s mission is to “help companies thrive in this new era of secure multi-party computation by delivering open, scalable platforms and services.”
Scalability, confidentiality and governance are the three problems Microsoft singles out as issues that need to be addressed in order for companies to enjoy the full potential of the blockchain technology. The Coco Framework solves some of the technology’s fundamental issues with trusted execution environments (TEEs) and enables its more efficient use, Russinovich claims. The Ethereum network is being implemented in Coco as well.
“Coco will be compatible, by design, with any ledger protocol and can operate in the cloud and on premises, on any operating system and hypervisor that supports a compatible TEE,” he added, concluding that as industry enthusiasm for blockchain continues to accelerate, Coco will advance further, especially with the help from “diverse and talented open source communities that are driving blockchain innovation today.”