Intel and Microsoft are partnering together to bring blockchain – the technology behind bitcoin cryptocurrency – to businesses.
Claimed to be a first-of-its-kind innovation, the technology is all conditional on the building of a new framework called ‘Coco’.
The aim is to jumpstart widespread adoption of blockchain tech among businesses, which will enable secure and speedy transactions.
Microsoft says the Coco Framework reduces the complexities of current blockchain technology, and will pave a path for business digital transformation.
The result could be “more complex, real-world blockchain scenarios across industries like financial services, supply chain and logistics, and healthcare and retail”.
Chief Technology Officer of Azure at Microsoft, Mark Russinovich, says blockchain technology could “significantly reduce the friction of doing business”.
The Coco Framework will provide transaction speeds of more than 1,600 transactions per second, plus seamless and confidential data management.
Early adopters will most likely be large corporations who face difficulties in achieving large scale security and privacy.
The partnership could indicate that bitcoin and blockchain technology may affect many individuals’ daily lives sooner that they may think.