On August 10, 2017, Microsoft announced their enterprise-ready blockchain network, Coco Framework.
Blockchain technology is now not an unknown technology anymore, with each day passing the number of enterprises supporting and investing in blockchain is increasing. There are lots of short coming in existing software like latency, performance, governance, etc.
Microsoft, one of the tech giants, investing a lot in blockchain technology. They are trying to solve the short over comings of existing software and making blockchain more facilitate.
According to Microsoft, Coco achieves this by designing specifically for confidential consortiums, where nodes and actors are explicitly declared and controlled. Based on these requirements, Coco presents an alternative approach to ledger construction, giving enterprises the scalability, distributed governance and enhanced confidentiality they need without sacrificing the inherent security and immutability they expect. Coco enables enterprise-ready blockchain networks that deliver:
- Throughput and latency approaching database speeds.
- Richer, more flexible, business-specific confidentiality models.
- Network policy management through distributed governance.
- Support for non-deterministic transactions.
Coco Framework is an open source framework. They are integrating Ethereum into Coco. Other enterprises like J.P. Morgan Chase, Intel, and R3 committed to integrating enterprise ledgers, Quorum, Hyperledger Sawtooth, and Corda, respectively
In the video demonstration by Microsoft, they addressed three major lacking of current system
Scalability: Microsoft says Coco and Ethereum can handle up to 1,600 transactions per second; earlier the throughput was less than 20 transaction per second.
Confidentiality: Any enterprise member of a consortium that has a node can see the full content of blockchain. However, in Coco Framework, a privacy layer has been added to make it more confidential.
Governance: In most of the enterprise network today, the governance is left as out of band process. Coco governance system is built right in the network itself.
In an official statement by Azure Officials, they said,
“Microsoft’s Coco Framework represents a breakthrough in achieving highly scalable, confidential, permissioned Ethereum or other blockchain networks that will be an important construct in the emerging world of variously interconnected blockchain systems. “
– Joseph Lubin, Founder of ConsenSys
However, we have to wait for its release to see it in action, till then you can read Microsoft’s technical white paper or watch the video demonstration.
Technical Whitepaper: https://github.com/Azure/coco-framework/blob/master/docs/Coco%20Framework%20whitepaper.pdf
Repository of Coco framework
Thanks for reading, the announcement regarding Coco framework is mentioned below.
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