Ethereum Blockchain just got a major vote of confidence with the help of one of the biggest corporations in the world, Microsoft. The tech giant recently announced the release of the Confidential Consortium (Coco) Framework, an Ethereum-based protocol that will allow large organizations like corporations operate on the Ethereum Blockchain. A blockchain is a new, decentralized way to arrange and keep data digitally, where it can be safely accessed across a network.
Mark Russinovich, CTO at Microsoft Azure, stated that “Coco presents an alternative approach to ledger construction, giving enterprises the scalability, distributed governance and enhanced confidentiality they need without sacrificing the inherent security and immutability they expect.”
Coco is not a ledger itself, but it will help to link corporations with established blockchains like Ethereum, Quorum, Hyperledger, Sawtooth, and Corda. “Coco will be compatible, by design, with any ledger protocol and can operate in the cloud and on premises, on any operating system and hypervisor that supports a compatible TEE,” the announcement said. “We are building in this flexibility in part to allow the community to integrate Coco with additional protocols, try it on other hardware and adapt it for enterprise scenarios we haven’t yet thought of.”
The goal of this framework is to help to make using blockchain technology easier for businesses. While traditional blockchains are designed for transparency, applying that same construction for enterprise usage creates significant problems in terms of confidentiality and scalability. Coco looks to solve these issues by coupling blockchain tech with established security protocols and architectures as a marriage of both form and function.
Ethereum has been rapidly growing lately and this announcement will only further embolden its adoption and development. Recently, a coalition of over 150 organizations within the Enterprise Ethereum Alliance have joined forces to support the growth of the decentralized ledger. While blockchains are still most closely associated with finance and cryptocurrency, its capabilities go way beyond just money.