By
Steve Muchoki
April 19th, 2024
EY with Microsoft and ConsenSys announced the launch of their open-source Baseline protocol. Baseline comprises a smart contract and tokenization platform built for enterprises on top of the Ethereum blockchain.
The global leader in assurance, tax, transaction and advisory services EY yesterday announced the launch of the Baseline protocol. This is the name for the new EY package of public domain blockchain tools that enables enterprises to construct and redistribute obtainment and other business processes in a secure and private way through the public Ethereum blockchain. EY developed the Baseline protocol in cooperation with ConsenSys and Microsoft.
Paul Brody, EY Global Blockchain Leader, said:
“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.”
The Baseline protocol accommodates numerous technologies including zero knowledge proofs, off-chain storage and distributed identity so that companies can set up and synchronize processes and agreements using common standards, with full privacy, and without storing sensitive business information on the blockchain itself.
Processes Are Ecosystem Ready
The Baseline protocol supports smart contracts and wide tokenization standards that is accepted by industry standards. In that way, it enables an ecosystem of interoperable business services. Purchase orders and receivables and other key process outputs are all being tokenized and integrated into the decentralized finance (DeFi) ecosystem.
Principal Program Manager, Blockchain at Microsoft Yorke Rhodes noted:
“With the Baseline protocol, we are developing enterprise processes that are ecosystem ready because they are being built in a truly blockchain-native manner. When delivered on the public Ethereum network, this will drive adoption and the whole ecosystem.”
The initial release of the EY Baseline protocol powered by Ethereum includes the process design and key components in order to facilitate volume purchase agreements and sets the base work for blockchain applications that connect supply chain perceptiveness with commerce and financial services.
Whales Are Accumulating Ethereum
Ethereum’s parabolic rising trend could be seen last month. It basically empowered ETH to jump to highs of $290 before it lost its momentum. Together with Bitcoin and other altcoins, it plummeted into the lower, in the $200 region.
Even though ETH has erased nearly all of the gains it earned during last month, it doesn’t seem whales are touched by it at all. Data shows that the top 100 Ethereum holders are again collecting the cryptocurrency.
This means generally, that these ETH holders are pretty much confident that the cryptocurrency will be stable and continue to rise.
However, we must be aware that Ethereum’s severe fall from its yearly highs damaged its market structure quite a bit. Bulls were not able to bolster its momentum and it seemed for a while that there is some weakness beneath.
Despite these happenings, the cryptocurrency still has incredibly strong basis, and has been able to remain within the $200 region throughout the market’s recent turbulence.