Baseline Protocol Code Allows Private Systems To Be Built On Ethereum Is Now Available On GitHub
Baseline Protocol Code Allows Private Systems To Be Built On Ethereum Is Now Available On GitHub
March 21, 2020
Baseline Protocol Code Allows Private Systems To Be Built On Ethereum Is Now Available On GitHub
Baseline Protocol Code Allows Private Systems To Be Built On Ethereum Is Now Available On GitHub
March 21, 2020

The open-source Baseline Protocol code allowing private systems to be built on the Ethereum public blockchain has now been published to GitHub. This means that the EY, Microsoft and ConsenSys-developed protocol is available to the public.

It has been reported that with transactions on the Ethereum blockchain being public and available for all to see, businesses requiring data privacy have tended to deploy their own private blockchain or an enterprise version of Ethereum.

However, by using zero-knowledge proofs, off-chain data storage, and distributed identity systems, the Baseline Protocol allows businesses to utilize the public Ethereum chain while keeping sensitive data private.

According to ConsenSys:

“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.”

Likewise, announcements regarding the protocol have so far mainly focused on product procurement. Purchase orders can be tokenized and dealt with through smart contracts, while a demo included with the code performs real-time calculation of bulk discounts on purchases.

ALSO READ :  Poloniex Allows Up To $10,000 Daily Withdrawals Without Requiring ‘Know Your Client’ (KYC) Onboarding

According to the documentation supplied on GitHub, it is flexible enough to be used for other business activities, and has been, “designed such that it can be extended and applied to any database/workflow.”

As per the report, the Baseline Protocol code was launched and released to selected parties by invitation at the start of the month. The code has now been donated to the public domain through non-profit standards organization OASIS.

Thus, the work will be governed by the Ethereum-Oasis project, which is managed by OASIS and funded by the Ethereum Foundation and the Enterprise Ethereum Alliance.

Source: github.com | cointelegraph.com | image: winkreport.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!