It is an open-source smart contract & tokenization platform built on Ethereum blockchain which secures business processes
Privacy has become the center point of concern for businesses and enterprises with an ever-increasing number of cybersecurity threats. And this where his novel protocol provides an opportunity for secure enterprise blockchain solutions for private business processes.
Based on top of the Ethereum blockchain, Baseline is a smart contract and tokenization platform which employs zero-knowledge proofs, off-chain storage and distributed identity to provide solid security to private enterprise data against cyberattacks and other privacy concerns.
Big four auditing firm Ernst & Young in collaboration with industry bigwigs Microsoft and ConsenSys have recently announced Baseline — an open-source package of blockchain tools that focuses on securing business processes. The supply chain project which was initiated in mid-2019 (codenamed Radish34) by the three companies improves on the past approaches which had difficulty keeping up with the highest standards of privacy & security.
“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.” ~ Paul Brody, EY Global Blockchain Leader
Explanatory video by development partner Unibright
Following are some of the key features of the platform:
- Addresses the concerns of privacy, permission, performance by utilizing the blockchain technology.
- Enables confidential and complex collaboration between businesses by NOT leaving sensitive data on-chain.
- Employs the Ethereum public Mainnet which is accessible 24/7.
- Allows the tokenization of business outputs and Decentralized Finance (DeFi), safeguarding the enterprise data in legacy systems.
- Provides transparency by being an open-source protocol managed by OASIS.
The project has gotten the support of more than a dozen companies and organizations that will form its technical steering committee (TSC), including the founding members ConsenSys, EY, Microsoft, and other notable players like AMD, ChainLink, Core Convergence, Duke University, Envision Blockchain, MakerDAO, Neocova, Splunk, Unibright, Provide, and W3BCLOUD.
In related news, Litecoin has integrated privacy protocol Mimblewimble to its public blockchain and intends to release the MW Mainnet before the end of summer. It would bolster Litecoin’s privacy by facilitating confidential transactions. Originally proposed as a privacy upgrade or sidechain to Bitcoin, MW was implemented to Grin privacy coin in 2019.
Baseline’s code has been made available by-invitation-only for now but will see a public release by April.
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