Blockchain firm ConsenSys has launched an open-source middleware initiative aimed at enabling secure and private business processes on the Ethereum blockchain. The Baseline Protocol is built with cryptography, messaging and blockchain technology to create a secure and private, low-cost system that allows enterprises to collaborate without revealing sensitive data on a public blockchain. Contributors to the initiative include Ernst & Young, Microsoft and Chainlink. An ERP system and customer relation management, among other systems of record, can be synchronised, while off-chain processes are used to create greater privacy for the entire contract lifecycle.
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Exploring the Baseline Protocol and Its Potential Impact on Enterprises
Introduction
Heyyo, viewers of the tube! If you haven’t heard yet, I’m Tyler, and I host a channel that is guaranteed to keep you on the edge of your seat. Today, let’s delve into the Baseline Protocol and its impact on the enterprise sector.
The Baseline Protocol Explained
Consensus recently announced the Baseline Protocol, a middleware project that combines cryptography, messaging, and blockchain technology to enable secure and private business processes on the public Ethereum network. This initiative is an open source collaboration between Consensus, Microsoft, and Ernst & Young.
Use of Zero-Knowledge Proofs
The Baseline Protocol uses zero-knowledge proofs (zkPs) to allow for the sharing of information between untrusted parties without revealing sensitive information to the public. The Baseline Protocol is a middleware that uses the Ethereum network as the common frame of reference for different management systems. This ensures that no information leakage occurs, even between competing enterprises.
Benefits of the Baseline Protocol
The Baseline Protocol enables confidential and complex collaborations between companies, without leaving sensitive data on-chain. It ensures that enterprises can use public blockchains without exposing sensitive information. The protocol will significantly reduce costs and save time and manpower for businesses. The Baseline Protocol supports tokenization and decentralized financial services in a way that doesn’t reveal corporate assets or activities to unauthorized parties.
Chaining Caps’ Role
Chainlink is a key player in the Baseline Protocol project and is a member of its technical steering committee. The company’s Mixicles technology is expected to be a major component of the project. Mixicles are off-chain components used to create contract privacy and will be needed to make the entire contract lifecycle private. This is a significant development as it enables enterprises to synchronize their internal management systems without exposing critical business information to competitors.
Unibright’s Involvement
Unibright is also involved in the Baseline Protocol and will contribute to the open-source project by reviewing code and specifications. The company’s toolset, Unibrow, will become fully Baseline compliant and provide a comprehensive business lifecycle on the protocol. The toolset includes the Unibrow Workflow Designer, Lifecycle Manager, UB Connectors, and UB Explorer. The Workflow Designer enables business workflows to be designed visually and deployed as smart contracts.
Conclusion
In conclusion, the Baseline Protocol is a significant development for the enterprise sector. The protocol enables companies to share information securely and privately on the public Ethereum network, without revealing sensitive data to competitors. The use of zero-knowledge proofs ensures that no information leakage occurs, making it safe for businesses to use public blockchains. With key players such as Chainlink and Unibright involved in the project, the Baseline Protocol has the potential to revolutionize the enterprise sector.
