Dive Brief:

• Microsoft announced a new blockchain framework on Thursday that the company says will "advance enterprise adoption of blockchain technology," according to a Microsoft blog. Dubbed the Coco Framework, Microsoft says the new tool will reduce complicated development techniques and enable high-transaction speed, distributed governance and confidentiality.

• The Coco Framework will be compatible with any ledger protocol and can operate in the cloud and on premises, according to the company. Microsoft will launch the framework on GitHub in 2018 as an open source project.

• Last month, Microsoft said it plans to introduce Enterprise Smart Contracts, a tool designed to make it easier for enterprises to build on its Blockchain as a Service offering.

Dive Insight:

Companies like Microsoft and IBM expect big things for blockchain and are in a race to make the technology easier for companies to implement and use. In April, IBM said it would invest in startups building blockchain-based services. Not long after, the company announced it also planned to launch Blockchain as a Service.

Microsoft has already partnered with the likes of Intel to form alliances that create a stronger structure and privacy for blockchain in the enterprise. "We believe this takes the next step toward making blockchain ready for business," said Mark Russinovich, chief technology officer of Azure at Microsoft. 

Once thought of only as a tool for unscrupulous individuals to exchange funds under the radar of law enforcement, blockchain is now viewed as a highly secure tool that can help enterprises accomplish a number of tasks. If the technology takes off as expected, IBM, Microsoft and other blockchain pioneers stand to win big.