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.
More at: What is the CoCo Blockchain Framework? – The Merkle
Healthcare blockchain is gaining traction as a future information exchange tool as vendors and organizations release frameworks for implementation.
August 10, 2017 – Microsoft announced the release of its Coco Framework to reduce the complexity of operational and security needs present in many healthcare blockchain implementations.
The framework aims to provide organizations with a steady guide on how to build and deploy a blockchain network as IT infrastructures continue to digitally transform.
Blockchain is the exchange of information between nodes (e.g., users, organizations) via a shared database without the regulation of a third party controlling the data through a single silo. It leads to the creation of a trusted history of transactions between organizations sharing data.
Each transaction between organizations consists of a block, which holds the data from the current transaction along with a hash linking back to the previous transaction, thus creating a chain. Every transaction is documented and users cannot go back and alter past data.
Blockchain is emerging as a secure way to share clinical data and PHI because it eliminates the need for organizations to trust the entities with which they are exchanging information. However, the technology currently lacks the standardization necessary for widescale healthcare deployment.
More at: Healthcare Blockchain Frameworks Emerge as Demand Rises – HITInfrastructure.com
Microsoft today introduced Coco Framework, with the aim of making blockchain networks enterprise ready. The CoCo Framework is a big help for enterprises, as more and more enterprises are looking to apply blockchain to meet business needs.
The open source Coco Framework system will bring performance and the processing power that enterprises are looking for. According to Microsoft, this will be achieved since Coco is “specifically for confidential consortiums, where nodes and actors are explicitly declared and controlled.”
Microsoft also revealed that Coco Framework will also bring an alternative approach to Ledger construction. It will help enable entire-ready block chain networks which can do the following:
- Throughput and latency approaching database speeds.
- Richer, more flexible, business-specific confidentiality models.
- Network policy management through distributed governance.
- Support for non-deterministic transactions.
Source: Microsoft introduces Coco Framework, makes blockchain networks enterprise ready | On MSFT
In the latest season of HBO’s popular series Silicon Valley, the iconic “CEO” of Pied Piper, Richard Hendrick proposes a stunningly ambitious idea for his startup: rebuild the Internet as a decentralized network that utilizes the computing power of billions of phones in our pockets and spare computers in our living room.
This is in stark contrast to the world we live in today, where more than a third of all Internet traffic goes through the few dozen massive data centers of Amazon Web Services’ across the globe. Recently, that architecture led to a massive Internet meltdown after a regional outage at Amazon’s Virginia data center.
Hendrick’s big idea to decentralize the Internet was obviously inspired by the Ethereum project, a world computer based on complex cryptographic protocols led by now 23 year old russian whiz kid Vitalik Buterin. Recently, we witnessed Ethereum token’s meteoric rise to over $25B in market cap, all happening in less than three years since its launch. If Ethereum was a startup, it would be considered as one of the fastest growing unicorns in history.
Unlike the traditional cloud that can crash or be hacked, Ethereum is often referred to as a “perfect virtual computer”. It is unstoppable, uncensorable, tamper-proof, and impossible to catch malware or a virus. This is achieved by a complex piece of cryptographic protocol that runs over a large network of individual computers across the world; rather than being concentrated in a few data centers. Anyone can join that network and become a “miner” by lending their computation services and earn digital tokens, known as Ether.
More at: Can A Blockchain Computer With Governance Be The Future of Cloud? – HuffPost
Cryptocurrency ICOs have been attracting many shrewd investors and dumb money over the past few months. Quite a few projects have raised significantly more money than anticipated, which shows there is a degree of desperation associated with these ICOs. EOS is one of the more ambitious projects we have seen to date. However, Vitalik Buterin feels there are some issues with the project which must be addressed first.
3. EOS FEE STRUCTURE
Similar to any other project using blockchain technology, EOS has an interesting mechanism when it comes to transaction fees. It seems the project will be using a technique to determine how many transactions people can send based on the amount of tokens they hold at the time. This means users will need to buy a certain amount of tokens in order to spend them. This is an unnecessary exposure to volatility, according to Buterin. His argument is pretty solid.
Not everyone wants to spend hard-earned money on an unknown asset in order to use a blockchain. Even the people who want to use EOS just a handful of times will be needing to buy a lot of coins and sell them all later on, assuming the price has not collapsed. It is a less-than-stellar business model which will hurt EOS’s chances of succeeding in the long run. Early adopters will need to pay for everyone else to use the network in the future.
2. 100,000 TRANSACTIONS PER SECOND?
Scalability is an integral part of cryptocurrency and blockchain technology. Even the bigger currencies have been struggling with scaling, including Bitcoin and Ethereum. EOS may not fare much better, despite its bold claim of processing 100,000 transactions per second. Achieving such a degree of scalability would seem pretty much impossible right now. The project claims to be able to make it happen, although it will be incredibly difficult to do so.
More at: EOS Project Issues That Are Bothering Vitalik Buterin – Ethereum World News
A modified version of bitcoin’s software is now available for enterprise use.
Built over the course of almost four years by venture-backed startup Coin Sciences, the open-source MultiChain 1.0 software is said to inherit much of the security and stability of its predecessor, but with differences designed to make it more suitable for corporate users.
Launched today, MultiChain is claimed to enable networks of users to conduct 1,000 transactions per second – a volume the startup argues is required by prospective clients.
As part of the 1.0 launch, Coin Sciences has also unveiled 14 new members of its partner program, including multinational consulting firm Cognizant and Medici Ventures, the Overstock.com subsidiary behind the tØ blockchain stock exchange.
The latest among a string of private blockchain offerings seeking to entice open-source developers, MultiChain 1.0 is designed to let corporations more easily leverage tools originally designed for bitcoin.
More at: MultiChain 1.0: Bitcoin-Compatible Private Blockchain Opens for Enterprise – CoinDesk
In a recent blockchain trial, ING, along with Calypso Technology and R3 blockchain consortium, proved that the technology can help facilitate easier interaction in banks’ back-end infrastructures when processing trades.
Earlier in April, Calypso announced that it was developing a DLT application for trade matching confirmations in collaboration with R3 and a group of global financial institutions including Westpac Banking Corporation in Sydney, ING in Amsterdam, BBVA in Madrid, Banco de Credito del Peru (BCP) in Lima, and a large investment management firm in the US.
The partners carried out trade matching tests on R3’s distributed ledger technology platform Corda to process FX trades, and confirmed correct matching in real time across four different time zones, ING said.
“This is a big step in changing the way institutions process trade contracts,” said Ivar Wiersma, head of Wholesale Banking Innovation at ING.
More at: ING, Calypso, R3 successfully test blockchain-based trade matching application – EconoTimes