LOGO_CRYPTO_SIGHT

Ethereum Baseline Protocol Code Donated to Public Domain On Github

By Jenny Aurora | March 21, 2020

The open-source Baseline Protocol – a code jointly designed by EY, Microsoft and ConsenSys to enable Ethereum blockchain-based private system creation – has reportedly been made available on Github. 

Specifically, the Ethereum blockchain offers features that support publicity and availability for everyone, data privacy-focused firms have to switch to coming up with their own version of private blockchain, or an enterprise-compatible Ethereum

However, the Baseline Protocol – adopting tech such as zero-knowledge proofs, off-chain data storage, and distributed identity systems – became a viable tool that assist firms in operate on the Ethereum blockchain, while still maintain the required level of security for their data. 

“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.”

Product procurement has been the primarily talked about aspects of the protocol. Smart contracts will provide tokenization for purchase orders,

and a built-in demo of the protocol generates real-time calculation, regarding bulk discounts on purchases.

Nonetheless, as stated in the relevant papers published on Github, the protocol has the sufficient flexibility level to support different business activities, and has been “designed such that it can be extended and applied to any database/workflow.”

The Baseline Protocol was introduced to a specific group of participants, chosen via invitation, at the beginning of March. As of now, non-profit standards organization OASIS has finalized the donation process to the public domain of the code. 

Tags: , ,

Comments