EY, ConsenSys and Microsoft form Baseline Protocol on Ethereum mainnet

EY, ConsenSys and Microsoft form Baseline Protocol on Ethereum mainnet

EY and ConsenSys in collaboration with Microsoft announced the formation of the Baseline Protocol on Ethereum Blockchain mainnet.

EY, ConsenSys and Microsoft were working on a supply chain project leveraging public Ethereum mainnet. The project aimed to enable real-time volume discount calculation across a series of purchase orders. These project efforts have resulted in the formation of Baseline Protocol, notes the announcement.

Baseline protocol has formed its technical steering committee (TSC). The members of this steering
committee include ConsenSys, EY, Microsoft, AMD, ChainLink, Core Convergence, Duke University, Envision Blockchain, MakerDAO, Neocova, Splunk, Unibright, Provide, and W3BCLOUD.

Executive Opinion

EY Global Blockchain leader, Paul Brody, said, "Over the last two years, we have been advancing the state of the art for private, secure transactions on public blockchains.  This takes the groundwork we have built and starts filling in gaps such as enterprise directories and private business logic, so companies will be able to run end-to-end processes like procurement with strong security."

ConsenSys’ Group Executive for Enterprise Mainnet, John Wolpert, said, "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."

Baseline protocol addresses ERP, CRM challenges

Enterprises invest in maintaining internal systems of record to avoid disputes, lost inventory, inflated capital costs, regulatory actions, and other value leakages. To get a single pane of these records, extensive integration is required among different systems. The challenge is it requires a lot of investment to build such integration.

To address these challenges, the Baseline protocol creates a common frame of reference at Ethereum mainnet without modifications to legacy systems, notes the announcement.

The protocol will support tokenization and decentralized financial services and does not expose corporate assets or activities to unauthorized parties. Baseline protocol will leverage advances in cryptography, messaging, and blockchain. It will deliver secure and private business processes at a low cost.

OASIS managed Ethereum-Oasis Project will govern Baseline protocol. The Ethereum Foundation and the Enterprise Ethereum Alliance will fund the project.


Note: We at TechSutram take our ethics very seriously. More information about it can be found here.
Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

No comments:

Post a Comment

    Your valuable comments are welcome. (Moderated)