ConsenSys and EY announce enterprise-targeted protocol that's built on Ethereum and backed by Microsoft

Quick Take

  • ConsenSys and EY announced their working project, Baseline Protocol, joined by 12 other firms and organizations including Microsoft, AMD, ChainLink, and MakerDAO
  • The new protocol allows enterprise synchronize data with collaborators via the Ethereum blockchain without having to publicize all business records

ConsenSys and EY have announced the formation of Baseline Protocol, a project aimed at enterprises. The project has garnered support from 12 other companies and organizations, including Microsoft, AMD, ChainLink, and MakerDAO.

The new protocol will allow enterprises to access decentralized finance (DeFi) services built on the Ethereum blockchain without having to publicize all their private information. 

According to John Wolpert, ConsenSys’ group executive for enterprise mainnet, businesses using internal record-keeping systems like ERP and CRM have a hard time synchronizing their data with counterparts. While blockchain provides a potential solution, many are deterred from using public blockchains due to the risk of exposing business secrets to potential competitors.

This realization, John said, has led ConsenSys and EY to develop the Baseline Protocol to enable the compartmentalization of information among collaborators. The protocol makes use of messaging, digital signatures, a zero-knowledge algorithm, and other techniques to create a common frame of reference that teams need to keep things in sync. At the same time, each step in the workflow is compartmentalized, and a person working on certain steps wou