ConsenSys, EY, Microsoft Announce Baseline Protocol on the Public Ethereum Mainnet

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March 9, 2020 – Will big firms in the enterprise blockchain space convince every other business to use the public ethereum network? EY, ConsenSys, and Microsoft announce Baseline Protocol for that very purpose.

Baseline Protocol will use Ethereum not as a truth repository but as a middleware. One of the use cases will be in the procurement process – comparing and verifying orders. According to Coindesk, the records and the business logic attached to the procurement process will be tokenized.

Using the public ethereum network as a middleware is something different from previous ways of using blockchain, where companies look at it as the final place to record the transactions (settlement layer).

At the moment, many businesses spend millions of dollars on their ERP (Enterprise Resource Planning), CRM, and other internal record systems. They must all be synchronized between organizations or else there will be considerable disruption such as disputes, lost of inventory, inflated capital costs, etc. Such activity needs a “common frame of reference” which is now being employed by big corporations that have the money to afford the capital expense in setting up such integrations.

Because of that, using the public Ethereum Mainnet for synchronicity – as the common frame of reference – companies will never be locked out or restricted from using it – because it is always on.

While this is a ConsenSys, EY, and Microsoft project, the Baseline Protocol has a technical steering committee that includes the likes of AMD, ChainLink, MakerDAO, and Duke University.

“The protocol will support tokenization and decentralized financial services on the Mainnet in a way that doesn’t reveal corporate assets or activities to unauthorized parties, and it leaves enterprise data safely in traditional systems. It’s hoped that the providers of ERP, CRM and other enterprise systems will optimize their products for the protocol over time, but baselining works without requiring any modification to legacy systems.”

The code will be available to an early group of testers and be made available to the general public this month.

Source: ConsenSys, Coindesk

This article is published on BitPinas: ConsenSys, EY, Microsoft Announce Baseline Protocol on the Public Ethereum Mainnet

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]