Software giant Microsoft is currently in the midst of developing a technology that has the potential of making blockchain-based systems faster and more private. With this, the company aims to speed up the use of the distributed database software by enterprises all around the world.
According to an official statement issued by Microsoft, they have developed a system called Coco Framework, which will be connecting different blockchain networks in order to solve some of the issues that have been hampering their adoption, including privacy concerns and speed issues.
For the uninitiated, a blockchain is an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. In the past, we have covered various stories on how the technology is invading financial institutions like banks (Read Here) and electronic voting systems in several countries (Read Here), including India.
To be made available by next year, Coco, which stands for Confidential Consortium, is currently
compatible with Ethereum and has proven to make it roughly 100 times faster.
According to Mark Russinovich, chief technology officer of Azure, Microsoft’s cloud computing division, they expect Coco Framework to become the foundation for blockchain for enterprise once it becomes open source in 2018. He also added that he personally believes that blockchain as a technology has the potentially transform every existing industry in the economy.
The recent past has seen a number of large businesses investing heavily in the blockchain technology so as to bring down the costs of some of their everyday data-heavy processes.
Blockchain’s shared public record of data is maintained by a network of computers on the Internet and every user on a network could potentially have access to all information. Though this makes the technology perfect for information integrity, it makes it inadequate for big businesses having strict data privacy requirements.
This is where Microsoft’s Coco can make it easier for these big firms to control who can see what on a network without having to hamper the system’s speed. Microsoft’s technology can process around 1,600 transactions per second.
Being built in association with Intel Corp hardware, the technology is being made compatible with all types of blockchains.