"I believe Coco can only benefit from the diverse and talented open source communities that are driving blockchain innovation today", Russinovich said, speaking to Microsoft's intent to follow an open-source approach to Coco's development and release.
The focus on those three key features arose from conversations with enterprises about what they needed in order to implement blockchain technology, according to Mark Russinovich, CTO of Microsoft Azure. While providing sturdy security for the blockchain, the Xeon processors are also expected to boost the performance of the new technology. It is created to run in any cloud or on-premises environment that supports a compatible trusted execution environment, like Intel's Software Guard Extensions and Windows Server's Virtual Secure Mode. TEE stands for trusted execution environments.
Microsoft has announced that it is working with Intel and other blockchain leaders on a new framework geared towards bringing the technology to the enterprise. Our mutual customers are excited by the potential of blockchain. It allows users to keep a record of transactions (or really anything that transpires between different entities) in a secure, decentralized "ledger". This then creates a trusted network that agrees on the CoCo code and ledger, removing the need to perform a proof-of-work, thereby increasing the transaction speed. Some businesses are such that they can not tolerate delays. Ethereum could only manage around 15 transactions per second at a latency of 56,520 milliseconds, or nearly a minute.
The Coco Framework is an open-source system meant to reduce the complexities of implementing high-scale, confidential blockchain network.
Integrated with a blockchain network, the Coco Framework promises performance of more than 1600 transactions per second while maintaining data confidentiality and providing a distributed governance model for running the consortium.
Implementation within an established corporate technology infrastructure-this is what Microsoft is hoping to solve with its approach. Accelerated throughput is achieved by isolating the transaction verification process.
"To start with a general framework is a step in the right direction for the advertising industry", said Ken Brook, CEO at MetaX, which is building out technology to run on top of the Ethereum blockchain specific for digital advertising.
Sealed Air Corporation (SEE) - Watch List stock
COPYRIGHT VIOLATION NOTICE: This news story was originally published by Markets Daily and is owned by of Markets Daily. Revenue for the quarter also killed consensus, coming in at $1.61 Billion, compared to the consensus of 1.58 Billion.
US diplomats' hearing loss in Cuba prompts investigation
The US embassy in Havana reopened in 2015 as part of President Barack Obama's re-establishment of diplomatic relations with Cuba. Relations between the United States and Cuba broke down in 1961 at the height of the Cold War and the U.S. embassy was closed.