As told by Reuters, Microsoft Corporation is currently working on a project that involves a technology which should be able to make systems based on blockchain more private as well as faster, since the company is looking to speed up the usage of the distributed database software by enterprises.
Microsoft said this Thursday that they have developed Coco Framework, a system that is able to connect different blockchain networks in order to solve some of the issues that might slow down their adoption, such as privacy concerns and speed.
Coco, which is short for Confidential Consortium, should be ready and made open source by the next year, promised Microsoft.
At the moment, Coco is compatible with Ethereum, which is one of the most used types of the blockchain. Microsoft claims it is capable of making it around a hundred times faster.
Mark Russinovich, chief technology officer of Azure, which is Microsoft’s cloud computing division, said that they expect this to be the foundation for blockchain for enterprise. He also said that the company thinks blockchain might potentially transform every industry.
The world’s biggest banks, among many large businesses, have been investing in blockchain, hoping it will be able to simplify and lower the costs of some of their data-heavy processes.
First appeared as the system underpinning cryptocurrency Bitcoin, this technology is a shared public record of data which maintenance is done by a network of computers on the internet. This should mean that every user on a network could be allowed access to all information.
And although this makes the technology suitable for securing the integrity of the information, it isn’t adequate for big businesses to use it if they have strict data privacy requirements.
This technology should make it easier for firms to be able to control what certain people see on a network, all while not slowing the system down.
It is planned that Coco is offered for free, all in hopes that it will end up getting more use out of the cloud services. The technology is being built in partnership with Intel Corp hardware and is supposed to be compatible with any type of blockchain.
The adopters have already been planned – Corda, the blockchain of bank consortium R3, Intel’s blockchain Sawtooth and Quorum, the blockchain developed by JPMorgan Chase & Co.
The technology keeps drawing interest from big firms ever since it has been announced, but the experts and skeptics say that is it is still early and the benefits might take years to be visible and able to be harvested.
Microsoft’s system can process around 1,600 transactions per second. By comparison, the network of payment card provider Visa can handle up to 24,000 transactions per second.