EY has launched its Baseline Protocol, a package of public domain blockchain tools. These enable enterprises to build and deploy procurement and other business processes securely and privately on the public Ethereum blockchain. EY developed the Baseline protocol in cooperation with ConsenSys and Microsoft. The work will have governance via the Ethereum-Oasis Project, which is managed by OASIS and funded by the Ethereum Foundation and the Enterprise Ethereum Alliance.
Paul Brody, EY Global Blockchain Leader: “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.”
Businesses spend hundreds of millions of dollars on ERP, CRM and other internal systems of record. Failure to synchronise systems between organisations frequently causes disruption via:
- lost inventory
- inflated capital costs
- regulatory actions (or inactions)
- other value ‘leakage’.
However, past approaches to blockchain technology have had difficulty meeting the highest standards of privacy, security and performance required by corporate IT departments. Overcoming these issues is the goal of the Baseline Protocol.
To avoid such problems, systems should have a common frame of reference. Only the largest high-volume participants, however, can afford the capital expense involved in setting up comprehensive integrations which avoid the problems.
The Baseline approach employs the public Ethereum Mainnet as a common frame of reference. Because it is always on, enterprises cannot be locked out or restricted from using it. Plus they only need to pay for what they use.
Yorke Rhodes, Principal Program Manager, Blockchain at Microsoft: “With the Baseline protocol, we are…