EY launches Blockchain Baseline Protocol

EY has launched the Baseline protocol, a new package of public domain blockchain tools that will allow enterprises to build and deploy procurement and other business processes securely and privately on the public Ethereum blockchain. EY developed the Baseline protocol in cooperation with ConsenSys and Microsoft.

Paul Brody, EY Global Blockchain Leader, 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."

The Baseline protocol integrates multiple technologies including zero knowledge proofs, off-chain storage and distributed identity so that enterprises can set up and synchronize processes and agreements using common standards, with full privacy, and without storing sensitive business information on the blockchain itself. John Wolpert, Group Executive for Enterprise Mainnet, ConsenSys, adds, "The EY vision to leverage the public Ethereum network without putting any enterprise data at risk aligned strongly with our view of the blockchain as an enterprise integration network. By working with EY, we can help build a powerful business ecosystem on open standards that is designed for privacy and security from the ground up."