Microsoft has announced the launch of the Coco Framework to help enterprises get to grips with blockchain technology.
The open source system ‘enables high-scale, confidential blockchain networks that meet all key enterprise requirements’, as the company puts it. In other words, it helps organisations provide scalability and governance without sacrificing security
Mark Russinovich, CTO of Microsoft Azure, was unsurprisingly effusive about the potential on offer. Writing in a blog post, Russinovich explained: “Blockchain is a transformational technology with the potential to extend digital transformation beyond a company’s four walls and into the processes it shares with suppliers, customers and partners.
“A growing number of enterprises are investing in blockchain as a secure and transparent way to digitally track the ownership of assets across trust boundaries and to collaborate on shared business processes, opening up new opportunities for cross-organisational collaboration and imaginative new business models,” Russinovich added.
“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 company adds that a number of industries are already noticing the benefits of Coco, including retail, supply chain, and financial services, while companies on board so far include J.P. Morgan Chase, Intel and R3 committing to enterprise ledgers Quorum, Hyperledger Sawtooth and Corda respectively.
“Industry enthusiasm for blockchain is growing, and while it will still take time for blockchain to achieve enterprise assurance, we remain laser focused on accelerating its development and enterprise adoption in partnership with the community,” added Russinovich.
You can find out more about the project by viewing a technical whitepaper here.