Coco – Opensource Blockchain framework from Microsoft

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Microsoft has announced the release of open source based Coco framework for Blockchain technology. What’s most exciting is that they have chosen to make it open source and will be available for download from GITHub early next year (2018).

Microsoft vision is to help the ease the adoption of Blockchain by enterprises. Cisco, and Intel will collaborate and partner with Microsoft to make this framework scale-able and hardware compatible.

Blockchain technology is gaining a lot of interest in the enterprises these days. It is widely touted to be used and adopted initially by Healthcare, Finance, Supply Chain, manufacturing, IoT and many more industries in the next few years.

The charm and attraction of Blockchain is its distributed nature (sort of like BitTorrent) and data security. In other words, information is shared peer-to-peer between all collaborates on a network in a secure manner.

With serious cyber security and ransomware breaches occurring earlier this year, Blockchain is seen as the future of a secure network to share information. Especially in fintech and healthcare domains. A recent study by Protenus Breach Barometer report, recorded over 450 health data breaches in 2016, affecting over 27 million patients with 27% due of those breaches caused by hackers and ransomware. With a lot of Windows machines getting affected by ransomware, Blockchain will be a welcome addition in security arsenal offered by Microsoft to enterprises.

Microsoft’s Coco framework is thus an attempt to tap into these markets and build a marketplace for their own languages and tools. It is estimated that in the next 5 years, the market for Blockchain will grow beyond US$2.5Billion making it a viable market segment for all major players to have their stake in.

Linux Foundation also has its own open source framework in Hyperledger. Which is targeting the same segment of the industry as Microsoft. And of course, the adopters of their technology include big names like IBM, Accenture, VMWare, SAP among dozens of others.

We recently reviewed Ring, a peer-to-peer open source communications application that used Blockchain for user information and communications. Applications like Ring are just the beginning of Blockchain adoption by the market. Over the course of next five years, there are likely to be thousands of similar implementations in almost all industry segments.

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Techie by day, blogger by night. Love the outdoors, enjoy traveling and building new and interesting things. Follow me if you want to know something.

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