As of March 19, the open-source Baseline Protocol code allowing the building of private systems on the Ethereum public blockchain has now been published to GitHub. This means that the protocol developed by EY, Microsoft and ConsenSys is available to the public.
With transactions on the Ethereum blockchain being public and accessible to all, businesses requiring data privacy tended to deploy their own private blockchain or an Ethereum enterprise version.
Moreover, using zero-knowledge proofs, off-chain data storage, and distributed identity systems, the Baseline Protocol allows businesses to use the public etherum chain while keeping private sensitive 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.”
Case for Business Use
Announcements concerning the protocol have so far focused mainly on the procurement of products. Purchase orders can be tokenized and handled through smart contracts, whereas a demo included with the code calculates bulk discounts on purchases in real time.
However, it is flexible enough to be used for other business activities, according to the documentation provided on GitHub, and has been “designed so that it can be extended and applied to any database / workflow.”
GitHub launched the Baseline Protocol code and released by invitation to selected parties at the start of the month. The code has now been donated to the public domain via OASIS, a non-profit organization with standards.
It is worth mentioning that, the work will be governed by the Ethereum-Oasis project, managed by OASIS and funded by the Ethereum Foundation and the Ethereum Alliance of Enterprises.
According to GitHub:
“The Baseline Protocol is an open source initiative that combines advances in cryptography, messaging, and blockchain to execute secure and private business processes at low cost via the public Ethereum Mainnet. The protocol will enable confidential and complex collaboration between enterprises without leaving any sensitive data on-chain.”