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Microsoft unveils technology to speed blockchain

Since its inception in 1975 by co founders Bill Gates and Paul Allen, Microsoft Corporation have steadily and rapidly become one of the world's most successful companies, with brands amongst the most global. It now commands a position among the top worldwide corporations, ranking number three in the FT Global 500while enjoying revenues in excess of $36bn.


Within its business market, Microsoft offers integrated applications tailored to specific industries. It aims to cover all business technology needs over two distinct areas: business solutions such as supply chain management and customer relationship management, Windows Server System, covering network and hardware management.
As the technology market evolves, it could be speculated that the successful companies within the industry will be the ones that are able to best suit the changing needs of consumers. If the upcoming trend towards technological integration of media products predicted by Microsoft and others does occur, the company is seemingly well placed and will always remain the number one.

Microsoft has today announced Coco Framework, a means of simplifying the adoption of blockchain protocol technology. The aim is to speed up the adoption of blockchain-based systems in the enterprise, whilst simultaneously increasing privacy.
Coco — short for Confidential Consortium — will be available in 2018, and Microsoft will be making the technology open source to help increase uptake. Intel is working with Microsoft as a hardware and software partner, and Coco Framework features Intel Software Guard Extensions (Intel SGX) to improve transaction speed at scale.

The technology that is believed can make blockchain-based systems faster and more private, as it looks to speed up use of the distributed database software by enterprises
.

For the uninitiated, a blockchain is an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. In the past, we have covered various stories on how the technology is invading financial institutions like banks and electronic voting systems in several countries ,including India.

To be made available by next year, Coco, which stands for Confidential Consortium, is currently
compatible with Ethereum and has proven to make it roughly 100 times faster.

The recent past has seen a number of large businesses investing heavily in the blockchain technology so as to bring down the costs of some of their everyday data-heavy processes.
Blockchain’s shared public record of data is maintained by a network of computers on the Internet and every user on a network could potentially have access to all information. Though this makes the technology perfect for information integrity, it makes it inadequate for big businesses having strict data privacy requirements.

Blockchain as a technology has the potentially transform every existing industry in the economy.

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