Microsoft is joining IC3 to transform financial systems using blockchain

IC3 (Initiative for Cryptocurrencies and Contracts ) is an initiative of faculty members at Cornell University, Cornell Tech, UC Berkeley, UIUC and the Technion. Last week, Microsoft announced that they will join IC3 along with other finance and technology companies to transform future financial systems to be much more flexible, transparent, efficient and secure.

We have seen several whitepapers on blockchain-based solutions which could transform the financial industry. IC3 is working with leaders in finance and banking, entrepreneurs, government, and open source software communities to move these blockchain-based solutions from proof-of-concepts to fast and reliable financial systems of execution and record.

“As we continue our journey in blockchain, we have watched and read the work of the IC3 team and are impressed with their thinking and the perspective they bring to the community. We are very aligned with the approaches IC3 blockchain experts are taking to address scale, simplification, and other topics of interest for enterprise adoption. The synergies in their research fit well with our visions for enterprise scale blockchain solutions,” said Yorke E. Rhodes III, Global Blockchain Business Strategist, Microsoft. “We are excited to work more closely with IC3 through this membership.”

“IC3 was founded to advance blockchain science, technology and applications,” said Ari Juels, co-Director of IC3 and a professor at the Jacobs Technion-Cornell Institute at Cornell Tech in New York City. “We’re delighted to work more closely with Microsoft’s blockchain experts, who share our vision of blockchain-based solutions for next generation financial services.”

Microsoft last week announced the new Coco Framework to accelerate production enterprise adoption of blockchain technology. Coco Framework is an open-source system that enables high-scale, confidential blockchain networks that meet all key enterprise requirements. Unlike many other blockchain frameworks out there, Coco is designed for confidential consortiums, where nodes and actors are explicitly declared and controlled. It is an alternative approach to ledger construction allowing organisations the scalability, distributed governance and enhanced confidentiality they need. Learn more about it here.

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