Coco Blockchain – Microsoft Ethereum-Based Enterprise Network?
About Coco Blockchain
Microsoft just announced an innovative blockchain technology designed to work with any ledger or operating system. It’s called CoCo, and it’s designed to lower the complexity of blockchains.
Microsoft is developing the technology in cooperation with Intel, JP Morgan, and Ethereum. The goal is to build a new open blockchain framework to raise blockchain speeds and reduce complexity, thereby advancing enterprise adoption of blockchain.
“CoCo”, by the way, is short for Confidential Consortium.
CoCo can operate in the cloud or on-site. It will be compatible with any ledger protocol, and will run on any operating system and hypervisor that supports a compatible trusted execution environment (TEE).
Intel’s Software Guard Extensions (SGX) is one such TEE. It helps the framework boost speeds while offering scalability and confidentiality to firms. It’s a hardware-based solution that works by isolating key elements of a blockchain, creating a private area in the CPU and memory that can protect code and data during execution.
Another key feature of the CoCo Framework is its speed: it can process more than 1,600 transactions per second. CoCo also promises to deliver more data confidentiality and a distributed governance model – similar to the benefits we’ve seen with other leading blockchain technologies today.
Microsoft Has Already Integrated Ethereum And Other Ledger Protocols
As part of the CoCo announcement, Microsoft also announced that they had already begun to integrate Ethereum. They’re actively working to integrate the protocol with Intel Hyperledger Sawtooth, R3 Corda, and JP Morgan’s Quorum.
Microsoft saw an issue in the world of blockchain: corporations were creating private blockchains that could only be used by select parties. Meanwhile, major blockchains aren’t designed to be interoperable with one another. CoCo is built to steer enterprises in one direction to ensure a unified approach across the blockchain community.
How Does CoCo Work?
CoCo works as its own proprietary blockchain ecosystem. Existing blockchains can use CoCo to connect with one another.
CoCo is specifically designed for consortiums where nodes and actors can be controlled. That’s why it’s not considered a decentralized solution: participants will still be able to exert a high degree of control over their blockchain – which is obviously ideal for corporations and enterprise users.
Because of its lack of decentralization, CoCo has been called more of a distributed ledger-oriented blockchain technology instead of a decentralized platform like modern blockchains.
And, as mentioned above, CoCo is also built to run in the cloud or on-premise. It can run across multiple operating systems and is designed for flexibility in mind.
Could CoCo Change The Future Of Blockchain?
Ultimately, a growing number of corporations understand the benefits of blockchain technology – but don’t know how to begin integrating it into their systems.
There are many different blockchains, and interoperability remains a major hurdle. Microsoft’s CoCo Framework could boost adoption of blockchain technology across the enterprise world by providing a solid, unified solution backed by a leading tech giant.