While folks in China may be busy banning cryptocurrencies, Microsoft is making full strides to promote the advancement in blockchain for enterprises and adoption of cryptocurrencies across various corporate sectors. The partnership with Initiative For Cryptocurrencies and Contracts (IC3) aims to tackle five big challenges which hamper the adoption of cryptocurrencies in the corporate sector:
- Scaling & Performance
- Correctness by Design
- Confidentiality
- Authenticated Data Feeds
- Safety & Compliance
Initiative of Cryptocurrencies and Contracts is an organization formed by the faculty members of Cornell University, UC Berkeley. They aim to provide seamless integration of blockchain and research on making blockchain-based solutions fast and reliable financial systems for corporate sector organizations.
The announcement of the collaboration was made by Yorke Rhodes III who is a Blockchain Business Strategist, DX. Both IC3 and Microsoft were previously working to solve the problems faced by enterprises in regards to cryptocurrencies and the primary one is confidentiality. Yorke was attending a presentation at IC3 where he discovered that both organizations had the same goals but different approaches, they could help each other out.
Microsoft was excited by the work IC3 was doing but they also have their own two projects named Enterprise Smart Contracts and Coco Framework. Both aim at expanding enterprise consortium networks and to scale as well as provide improved governance to corporate organizations. They will be joining the IC3 team at Roosevelt and have planned on doing more projects to expand their work and do more research in order to make cryptocurrencies a viable solution for the corporate sector.
