Microsoft Corp. (MSFT) is developing technology that it contends will make blockchain-based systems faster and more private, as the tech titan looks for ways to speed up the use of the distributed database software by businesses, Reuters reports.  

The blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.

Microsoft announced on Thursday that it was working to develop a system called Coco Framework, technology that connects to various blockchain networks to solve problems that have slowed their wider adoption, including privacy matters.

Coco will be ready and made open source by 2018, Microsoft said.

"We expect this to be the foundation for blockchain for enterprise," Mark Russinovich, chief technology officer of Azure, Microsoft's cloud computing division, said. "We think blockchain is going to potentially transform every industry."

Watch More with TheStreet:

More from Stocks

U.S. Equities Hold on to Slim Gains

U.S. Equities Hold on to Slim Gains

Video: General Electric Shares Slump Amid Weakness in Power Division

Video: General Electric Shares Slump Amid Weakness in Power Division

Intuitive Surgical Gets New Price Targets After Earnings Beat

Intuitive Surgical Gets New Price Targets After Earnings Beat

Podcast: What TheStreet's Interns Learned From Jim Cramer and Action Alerts PLUS

Podcast: What TheStreet's Interns Learned From Jim Cramer and Action Alerts PLUS

General Electric CFO to TheStreet: In 'Wait and See' Mode When It Comes to Trade

General Electric CFO to TheStreet: In 'Wait and See' Mode When It Comes to Trade