You may soon be working on the Blockchain Technology – Coco, the new framework is on the way
Bitcoin may or may not be an unheard term, but the technology that powers Bitcoin could surely be what you will be using at work. Intel and Microsoft collaboratively plan to reinforce the workplace with Blockchain Technology. It will be a new framework, which they are calling “COCO”. The primary objective with this first-of-its-kind innovation is to promote the enterprise adoption of Blockchain Technology. And it should be, because Blockchain is now a widely acknowledged technology to facilitate secure and speedy transactions, which modern businesses call for.
As it is known, Blockchain Technology involves complicated development techniques to meet modern business requirements. The Coco Framework aims to cut down the complexities associated with the technology. Per se, the technology could bring Blockchain in existence across industries, such as financial sectors, healthcare and retail, supply chain and logistics, empowering them to digitally transform their business.
Coco Framework when integrated with a Blockchain network has the potential to achieve an unimaginable transaction speeds of over 1,600 transactions per second, whilst promoting seamless and confidential data management.
Chief technology officer of Azure at Microsoft, Mark Russinovich says “Blockchain is a transformational technology with the ability to significantly reduce the friction of doing business”.
Going ahead, Mark Russinovich also says, “We have listened to the needs of our customers and the blockchain community and are bringing foundational functionality with the Coco Framework.”
The tech giants apprehend that every company will not at once jump to Blockchain solutions, but, large corporations having difficulty maintaining privacy and security at scale could begin exploiting the opportunities that the technology has to offer.
Also Read: Microsoft to make Blockchain Technology Simpler
Coco Framework, an open source project, will be launched on GitHub in 2018. This might be an initiative to bring Bitcoin Blockchain to the main stream.
On this fresh initiative, Rick Echevarria, vice president, Software and Services Group and General Manager, Platforms Security Division at Intel, says “We are thrilled to work with Microsoft to bring blockchain to the enterprise.”
“Our mutual customers are excited by the potential of Blockchain. Intel is committed to accelerating the value of Blockchain Technology powered by Azure on Intel hardware, by improving the scalability, privacy and security of the solutions based on our technologies.”
Hope Intel and Microsoft succeed with their ambitious project, which could eliminate barriers to the technology, helping with enterprise security.
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