The multinational global taxation and advisory services firm, Ernst & Young or simply EY, have announced Microsoft, Consensys Launching Enterprise Platform on Ethereum Mainnet. The launch is about their open-source Baseline Protocol. Now, what do you mean by The Baseline Protocol?
Baseline supports smart contracts and tokenization. Moreover, it integrates into the decentralized finance (DeFi) ecosystem. It is mainly built for enterprises on the top of the Ethereum Blockchain.
There is always a positive motivation behind every invention. And here is still something like that. Essentially, the Baseline was founded by EY with the collaboration of many companies. These companies are mainly operating with cryptocurrencies including Chainlink, MakerDAO, Unibright, and AMD. And the motto to invent the Baseline was to make in partnership with Microsoft and ConsenSys.
The platform’s code has been made available to select entities by invitation. That will see a public release before April.
The features of Baseline Protocol
The development partner Unibright described the baseline platform as an “open-source protocol for secure and private business processes via public Ethereum Mainnet.” You can check the video published by the development partner Unibright.
Most noteworthy, Baseline integrates zero-knowledge proofs, off-chain storage. And certainly, distributed identity to protect corporate data, assets, or activities from being compromised.
The platform will tokenize business outputs. Such as purchase orders and receivables. And moreover, it facilitates “blockchain applications that link supply chain traceability with commerce and financial services.”
As I have told just now that the Baseline supports industry-wide tokenization standards. Besides all of that, it is intended to move enterprise activity. From permissioned distributed ledgers to a public blockchain network.
Legacy Systems can use Baseline without Modification
The target firms of Baseline mainly who are offering customer relationship management and enterprise resource planning services. Notably, the baseline protocol can be used “without requiring any modification to legacy systems.”
ConsenSys’ group executive for enterprise mainnet, John Wolpert stated, “leverage the public Ethereum network without putting any enterprise data at risk.”
Also added, “A lot of people think of blockchains as the place to record transactions. But what if we thought of the Mainnet as middleware? This approach takes advantage of what the Mainnet is good at while avoiding what it’s not good at.”
Global blockchain leader at EY, Paul Brody stated, “Over the last two years, EY has been advancing the state of the art for private, secure transactions on public blockchains. This initiative builds on that groundwork. And starts filling in gaps such as enterprise directories and private business logic. So enterprises will be able to run end-to-end processes like procurement with strong privacy.”
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.