Microsoft-Intel Joint Effort to Launch First Blockchain Service

A new framework said to be released by Microsoft will allow businesses to incorporate blockchain technology and gain a better grasp on the security and privacy of their enterprise. What’s more is that Microsoft has named Intel as the key development partner for software and hardware for the blockchain technology services. The partnership will also involve other leaders in the blockchain technology markets to establish an all new framework called the Coco Framework, which will be used by enterprises. The framework makes use of the Intel SGX to provide enhanced speeds in transactions, while also allowing for the scaling of data confidentiality in enterprises.

What is Blockchain Technology?

Blockchain technology is essentially a record keeping system for the digital world in which transactions may be conducted. This includes the validation, execution, and recording of transactions in a public and chronological manner. The biggest advantage that blockchain technology brings to the table is that it will be completely transparent and decentralized. This allows enterprises to carry out transactions with better efficiency and more importantly, enhanced safety, all at a much lower price than conventional ledgers. The blockchain technology can be utilized for a range of data transaction activities, ranging from simple sharing of files to the increasingly complicated world of payment processing. This could revolutionize the way companies will work in the future.

What Will the Coco Framework Provide?

Both Microsoft and Intel have so far been leading entities in blockchain technology and their choice to work together to create the Coco Framework could hold massive potential for the blockchain technology world. Through the use of SGX by Intel, the framework will create multiple layers of confidentiality and privacy over blockchain transactions. This could significantly improve the trust between parties conducting the transactions by providing a safe environment for the transaction to take place. This is done by singling the ore bits of the blockchain technology being used.

Intel has been a valued performer in the evolution of blockchain technology so far by participating in developing standards for it and making regular contributions to the blockchain technology community through expert insights.