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What is the CoCo Blockchain Framework?

Bringing blockchain technology to the enterprise is a top priority for Microsoft. Other projects in the cryptocurrency and blockchain sphere are working toward a similar goal. Microsoft’s CoCo Framework for enterprise blockchain networks may very well prove to be a game changer. Microsoft aims to facilitate the adoption of distributed ledger technology in the enterprise sector, and a unified framework would certainly help make that happen.

CoCo is Completely Open-Source

It is no secret a lot of enterprises have been keeping a close eye on developments in blockchain technology. No company can afford to miss out on the next big thing in this sector. Distributed ledgers have the power to completely transform business models, accounting methods, record keeping, and anything else one can think of in the administrative department. Embracing this innovative technology remains a big hurdle for most enterprises, as there is no unified approach in this regard.

This is why Microsoft has introduced the CoCo framework earlier this week. It is an open-source system designed to provide high-scale and confidential blockchain networks for enterprise purposes. The main objective of the initiative is to boost global adoption of blockchain technology among companies and corporations. Rather than seeing private blockchains created which can only be used by select parties, CoCo wants to slowly steer enterprises in one direction to ensure a unified approach to distributed ledgers.

CoCo is its own proprietary blockchain ecosystem. It can connect existing blockchains with one another, which is a good sign. It is designed specifically for consortiums where nodes and actors can be controlled. It is not a decentralized solution in this regard, as participants will still be able to exert a high degree of control over their blockchain. In that respect, CoCo is more of a distributed ledger-oriented approach rather than a decentralized technology.

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Despite taking a more centralized approach, there are many benefits to embracing CoCo. Corporations can bank on scalability, enhanced confidentiality, and distributed governance. At the same time, they will not lack in security and immutability, which are two of the driving factors behind blockchain technology as a whole. The throughput of this network is on par with database speeds, and the potential business confidentiality models are virtually limitless.

Integrating existing blockchains with the CoCo framework has already begun. Microsoft has been working hard to make this project work from the day it was unveiled to the public. So far, Ethereum has been integrated, with blockchain-oriented projects from R3, Intel, and JP Morgan Chase to follow in the near future.This means the Quorum, Corda, and Hyperledger Sawtooth ledgers will soon become accessible through the CoCo framework as well. This represents a good start for the nascent blockchain framework, but there is a lot more to come in the future.

CoCo was designed in such a way that it can operate in the cloud and on premises alike. Nor are there limitations as to which operating systems are supported. This degree of flexibility could be the driving factor leading more enterprises to adopt a blockchain-oriented business approach in the coming years. A universal framework capable of linking existing blockchains in one convenient solution will have some interesting ramifications. Microsoft has proven to be an invaluable partner in blockchain technology.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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