The popularity of crypto currency is shooting high with the success of Bitcoins. Now the banking industries along with the already participating data industry are showing great interest in deploying cryptocurrency. Now a new technology has been brought. This new technology is called the Blockchain technology. In simple words, Blockchain Technology, there are innumerable ledgers or blocks that are updated periodically across the world. The functionality of the blockchain technology could be used in the banking industry to secure payments and boost up the performance of current systems.
In blockchain technology, every transaction is verified by a complex and advanced algorithm. The algorithm requires a network of multiple devices to enter into each of the ledgers. Even if a single ledger becomes out of date, the remaining ledgers are there to give the updated information based on which transactions can be verified by the largest group of ledgers. The integration is going to serve big purposes, but the process is not at all that easy. Hence, Microsoft has decided to simplify the process with its new Coco Framework. As Mark Russinovich, chief technology officer of Azure explains:
Blockchain is a transformational technology with the ability to significantly reduce the friction of doing business. Microsoft is committed to bringing blockchain to the enterprise. We have listened to the needs of our customers and the blockchain community and are bringing foundational functionality with the Coco Framework. […] we believe this takes the next step toward making blockchain ready for business.
Coco Framework provides some other advantages which are listed below:
- Transaction speeds of more than 1,600 transactions per second
- Easily managed data confidentiality without sacrificing performance
- A comprehensive, industry-first distributed governance model for blockchain networks that establishes a network constitution and allows members to vote on all terms and conditions governing the consortium and the blockchain software system