EY, ConsenSys, Microsoft Unveil Smart Contract, Tokenization Platform On Ethereum Blockchain
Business consulting firm EY has rolled out open-source Baseline covenant. Baseline consists of a smart contract and tokenization platform developed for enterprises over the Ethereum blockchain.
Baseline was established by EY in collaboration with Microsoft and ConsenSys, and was built in partnership with several enterprises functioning in the crypto industry, including Chainlink, Unibright, MakerDAO and AMD.
Chosen firms have been given the platform’s code, with a public roll out planned before April. Unibright, one of the firms involved in the platform development, has published a video which describes the platform as an “open-source protocol for secure and private business processes via public Ethereum Mainnet.”
The covenant will back tokenization and other kinds of decentralized financial services on its mainnet.
Baseline incorporates zero-knowledge proofs, off-chain storage and distributed identity to stop corporate info, operations or assets from being put at risk.
The platform will tokenize business outputs such as purchase orders and receivables, and facilitates “blockchain applications that link supply chain traceability with commerce and financial services.”
Baseline supports industry-wide tokenization standards and is intended to move enterprise activity from permissioned distributed ledgers to a public blockchain network.
Baseline aims to focus on entities providing client relationship handling and enterprise resource planning services, highlighting that the covenant can be utilized “without requiring any modification to legacy systems.”
John Wolpert, an executive at enterprise mainnet division of ConsenSys Group, revealed that the venture intends to “leverage the public Ethereum network without putting any enterprise data at risk.” He further stated:
“A lot of people think of blockchains as the place to record transactions. But what if we thought of the Mainnet as middleware? This approach takes advantage of what the Mainnet is good at while avoiding what it’s not good at.”
Global blockchain leader at EY Paul Brody stated:
“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.”
Two days back, Walmart became a member of Hyperledger, an open source blockchain consortium backed by IBM and Linux. Walmart’s entry into Hyperledger forum was disclosed at the Hyperledger Global Forum 2020.