Microsoft has now decided to help enhance blockchain developments by launching its first open source framework called Coco Framework. The new launch has been debuted as an enterprise blockchain network to facilitate the new technology adoption.
Coco (Confidential Consortium) is an open source framework that is set to lay down the governance model for enterprises to use blockchain networks built into the software. The framework will help networks to configure their own voting rules.
“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,” said Microsoft Azure CTO Mark Russinovich in a blog post.
The framework by Microsoft introduces a construct called Trusted Execution Environment (TEE). The construct is like a trusted black box for data. While each node in the Coco network will have confidential data, TEE will control the encrypted data for different transactions, smart contract agreements and data exchanges between distributed apps on the blockchain.
Microsoft believes that the blockchain has potential to transform every industry. The major challenges in the adoption and evolution of blockchain remain to be high throughput, latency and a lack of confidentiality. However, Microsoft has built the new framework to help in governing transaction flow.
Coco can integrate with existing blockchain frameworks and protocols. Microsoft has already tested its compatibility with Ethereum, JPMorgan Chase’s Quorum platform, Corda financial ledger by R3 consortium and Hyperledger Sawtooth. There is also a provision to add a new trust layer underneath permission and private blockchains in the open source framework.
Enterprise blockchain in focus
Microsoft is likely to invest in the development of enterprise blockchain tech going forward. It is worth noting there that the software company had announced its decision to get involved in blockchain tech a few years back. But instead of developing something from the scratch, Microsoft had previously chosen to develop its blockchain infrastructure in stages on top of its Azure cloud. The Coco framework is the next step in the development of blockchain tech stack.