The organization said on Thursday that it had produced a system called Coco Framework, which connects to various blockchain systems to work some of the issues that have brought down their adoption, including data rate and privacy concerns.
Coco, whose titles stands for Confidential Consortium, will be available and made open source by 2018, Microsoft said.
It is currently fit with Ethereum, one of the most traditional types of block chains and can perform it roughly 100 times faster, Microsoft said.
“We anticipate this to be the support for blockchain for the enterprise,” Mark Russinovich, chief technology officer of Azure, Microsoft’s cloud computing division, said at a press announcement. “We think blockchain is going to probably transform every industry.”
Large businesses, including many of the world’s largest banks, have been spending in blockchain in the hopes that it can help analyze and reduce the costs of any of their data-heavy processes.
The technology, which first appeared as the system underpinning cryptocurrency bitcoin, is a distributed public record of data that is managed by a network of machines on the internet. This involves every user on a network could potentially have a path to all information.
While this gives the technology well-suited at guaranteeing the information’s integrity, it also makes it incompetent for use by big businesses with strict data isolation requirements.
Microsoft’s technology would give it easier for firms to manage who can see what on a network externally making the system slower.
The company intends to offer Coco for free, although it expects that it will lead to more use of its cloud services.
It is living built in part with Intel Corp () device and will be cooperative with all types of block chains.
Planned adopters include Corda, the blockchain of bank consortium R3, Intel’s blockchain Sawtooth and Quorum, the blockchain produced by JPMorgan Chase & Co ().
While the technology remains to draw interest from large firms, experts and skeptics caution that it is still in its early days and it may take years before its benefits are reaped.
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