- The Baseline protocol will integrate multiple technologies like zero-knowledge proofs, off-chain storage, and distributed identity
- EY has developed the Baseline protocol along with ConsenSys and Microsoft
EY has launched a new package of public domain blockchain tools called Baseline protocol. It will allow enterprises to build and deploy procurement and conduct business processes securely and privately on the public Ethereum blockchain. EY has developed the Baseline protocol along with ConsenSys and Microsoft.
Paul Brody, EY global Blockchain Leader, said that over the last two years, EY has been advancing the state of the art for private, secure transactions on public blockchains. He added that this initiative will build on that work already done and start filling in gaps like enterprise directories and private business logic. This will allow enterprises to run end-to-end processes like procurement with strong privacy.”
The Baseline protocol will integrate multiple technologies like zero-knowledge proofs, off-chain storage, and distributed identity. It will help enterprises to set up and synchronise processes and agreements using common standards with complete privacy and without storing sensitive business information on the blockchain.
The protocol will support smart contracts and accepted industry-wide tokenization standards. The initial release of the protocol will include the process design and key components to enable volume purchase agreements.