The new Coco Framework is set to be a first-of-its-kind innovation designed to get businesses ready for blockchain technology.
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.
Security and privacy are highlighted as focus areas within the new initiative, so as to best equip businesses taking the plunge into the new world of blockchain.
The service aims to get businesses prepared for the arrival of the new disruptive technology, providing a means for firms to utilise blockchain applications with ease and effectiveness from the outset.
The blockchain service is set to be named the Coco Framework and will incorporate Intel architecture extensions that are intended to enhance security, while improving transaction speeds and scaling.
Specifically Intel is bringing its SGX hardware-based security technology on board to help achieve the targeted goals of confidentiality and protection. This works by creating a separate, secure environment within which elements of the blockchain service can be contained.
Intel is also providing its Xeon processors, which also claims to offer robust security, privacy features and scalability for distributed ledger networks. While providing sturdy security for the blockchain, the Xeon processors are also expected to boost the performance of the new technology.
Excitement is mounting quickly in anticipation of blockchain technology, with a report from Cognizant revealing expectations of 5 per cent revenue growth from financial services executives. Revenue growth of this size could be equivocal to $20 billion in savings for these financial services firms, with areas such as compliance, securities and cross-border payments being streamlined.
In the same report however, less than half of these executives have a plan in place for the implementation of the technology.
In light of this result, a secure and usable approach to blockchain such as the one Microsoft and Intel are working on, could prove to be highly desirable to organisations keen to reap the benefits of the disruptive potential of distributed ledger technology.