Numerous global brands and ethereum focused tech companies have announced a new protocol that uses the public blockchain in a way that interacts with established database systems within a company.
“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,” they say, further adding:
“It’s hoped that the providers of ERP, CRM and other enterprise systems will optimize their products for the protocol over time, but baselining works without requiring any modification to legacy systems,” emphasis theirs.
The Baseline Protocol is formed by numerous companies, “including ConsenSys, EY, Microsoft, AMD, ChainLink, Core Convergence, Duke University, Envision Blockchain, MakerDAO, Neocova, Splunk, Unibright, Provide, and W3BCLOUD.”
Little detail is provided on how exactly this is meant to work, with the announcement stating the code is available for those invited and will be publicly released this month.
“A lot of people think of blockchains as the place to record transactions. But what if we thought of the Mainnet as middleware? This approach takes advantage of what the Mainnet is good at while avoiding what it’s not good at,” John Wolpert, ConsenSys’ Group Executive for Enterprise Mainnet, said.
While Microsoft’s Yorke Rhodes, Principal Program Manager in regards to Blockchain at Microsoft, said:
“For the Ethereum Mainnet we are imbuing enterprise cloud scale principles in the solution without compromising information security.
Baseline is helping to create an opportunity for compelling solutions that can drive new value for enterprises while extending the value of the products our customers and partners have been using for years.”