Global taxation and transaction advisory house EY have announced the launch of their open up-source Baseline protocol.

Baseline comprises a smart contract and tokenization platform built for enterprises on top of the Ethereum blockchain. Baseline was founded past EY in partnership with Microsoft and ConsenSys, and was developed in collaboration with many companies operating in the cryptocurrency sector, including Chainlink, MakerDAO, Unibright and AMD.

The platform's code has been made available to select entities past invitation and volition run into a public release earlier Apr.

Baseline features zero-knowledge proofs and off-chain storage to protect privacy

In a video published past development partner Unibright, the platform is described every bit an "open-source protocol for secure and individual business concern processes via public Ethereum Mainnet."

The protocol will support tokenization and decentralized financial services on its mainnet. Baseline integrates zero-cognition proofs, off-chain storage and distributed identity to prevent corporate data, assets, or activities from beingness compromised.

The platform will tokenize business concern outputs such as purchase orders and receivables, and facilitates "blockchain applications that link supply chain traceability with commerce and fiscal services." Baseline supports industry-broad tokenization standards and is intended to move enterprise activity from permissioned distributed ledgers to a public blockchain network.

Legacy systems can utilize Baseline without modification

Baseline hopes to target firms offer customer relationship management and enterprise resources planning services, noting that the protocol can exist used "without requiring any modification to legacy systems."

John Wolpert, ConsenSys' group executive for enterprise mainnet, stated that the project'south vision is to "leverage the public Ethereum network without putting any enterprise information at take chances," calculation:

"A lot of people retrieve of blockchains as the place to record transactions. Simply what if we thought of the Mainnet as middleware? This approach takes advantage of what the Mainnet is good at while avoiding what it'southward non skilful at."

Global blockchain leader at EY Paul Brody stated:

"Over the final 2 years, EY has been advancing the country 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 terminate-to-cease processes like procurement with strong privacy."

Enterprises move towards open up-source blockchain solutions

On March 3, Walmart was announced amid eight new members of the open-source blockchain consortium Hyperledger. The announcement was made at the Hyperledger Global Forum 2022.