Although Bitcoins have gained massive valuation over last couple of months, the use of the currency is still limited despite its potentials. As companies are looking for ways to harness the power of cryptocurrency to complete high speed financial transactions, Intel and Microsoft have decided to work together to bring the blockchain technology that powers cryptocurrencies like Bitcoin. As of now, the companies are referring the upcoming framework as Coco.
This latest news comes via Microsoft who recently noted the partnership via an official news release. The news release pointed out that the upcoming framework will reduce the complexity that comes with the blockchain protocol technology at present. As in recent months there have been some serious problems associated with Bitcoin and other similar cryptocurrencies, the framework is most likely to convince businesses around the world to implement cryptocurrencies to provide different financial services. The Coco framework can potentially increase the transaction speeds as it will allow more than 1,600 transactions per second along with confidential data management.
Talking about the framework, Mark Russinovich, chief technology officer of Azure at Microsoft revealed, “Blockchain is a transformational technology with the ability to significantly reduce the friction of doing business. We have listened to the needs of our customers and the blockchain community and are bringing foundational functionality with the Coco Framework.”
While the upcoming changes won’t change the perception of cryptocurrencies in a short period of time, chances are more businesses will implement the technology in the coming months thanks to the improved privacy and protections. Whatever happens, as the cryptocurrencies are becoming massively popular among consumers around the world, it will be interesting how big of a difference the Coco framework makes in the coming months.
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