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- Blockchain software giant ConsenSys is partnering with one of the largest global professional services firm, Ernst and Young, on a new blockchain project.
- Baseline Protocol is meant to give enterprises access to the Decentralised Finance (DeFi) tools that are built on top of Ethereum.
- The Baseline Protocol will help control the access of information and data sharing between partner businesses on the blockchain using different techniques.
Blockchain software giant ConsenSys is partnering with one of the largest global professional services firm, Ernst and Young, on a new blockchain project that is also being backed by technology giants like Microsoft, AMD, Chainlink, MakerDAO, and eight other companies.
The working project called Baseline Protocol is meant to give enterprises access to the Decentralised Finance (DeFi) tools that are built on top of Ethereum, for working with collaborators without having to publicize this information.
The main issue that the companies are trying to tackle here is to make internal record data sharing easier between companies that are working together. According to ConsenSys executives, internal record-keeping systems like CRM and ERP have a tough time when it comes to syncing data with working partners and their systems.
Blockchain is a potential solution to this problem, but its public nature keeps companies from adopting technology at the risk of exposing critical private business data. The Baseline Protocol will help control the access of information and data sharing between partner businesses on the blockchain using different techniques.
The techniques such as digital signatures, cryptographic functions, messaging, and a zero-knowledge algorithm, amongst many others, all working together in tandem to create a data-sharing infrastructure.
Working teams in the baseline protocol will only have access to the necessary information at all times. Paul Brody, the global blockchain lead at Ernst and Young gives an example for the effectiveness of the Baseline Protocol saying,
“If you’re just a subcontractor that’s doing work on my behalf, when you make a purchase order, the smart contract on the chain will tell you the correct price. But, it will not disclose information the overall volume discount in the table looks like and how much is purchased, or who else is buying.”
The companies hope that the Baseline Protocol will help current enterprise system developers and solutions providers. That will help to build more useful tools based on the protocol, which will make the workflow easier for enterprises.
The project data and code will be open-sourced through the OASIS non-profit standards. At the time of writing, almost 75% of the project has completed its developmental stages. The plan is now moving from the team at ConsenSys and EY.
It is moving into a larger pool of peers from Microsoft, AMD, ChainLink, Core Convergence, Envision Blockchain, Neocava Splunk, UniBright, Duke University, W3bcloud, etc. And will Provide to further refine the protocol and make it available for further integration with existing enterprise solutions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
