By Tobi Loba
EY joined ConsenSys to announce the formation of the Baseline Protocol in collaboration with Microsoft.
Chainlink, a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, joined the fourteen founding organizations to further develop Baseline Protocol.
Chainlink shared this new development with its teeming community members on Twitter a couple of minutes ago. And the announcement was instantly greeted with lots of reactions and exciting comments from the concerned crypto community members.
“Chainlink is proud to serve on the technical steering committee of Baseline Protocol, an initiative lead by EYnews & Consensys in collab w/ Microsoft. We’ll be building enterprise oracle solutions to make Ethereum mainnet compatible for enterprise usage,” Chainlink shared.
Chainlink is proud to serve on the technical steering committee of Baseline Protocol, an initiative lead by @EYnews & @Consensys in collab w/ Microsoft. We'll be building enterprise oracle solutions to make Ethereum mainnet compatible for enterprise usage. https://t.co/mGlNQOAUWd
— Chainlink – Official Channel (@chainlink) March 4, 2020
Bottom Line of Baseline Protocol
According to a press release on Consensys.net, Baseline Protocol is open-source creativity that combines advances in cryptography, messaging, and blockchain to deliver secure and private business processes at low cost through the public Ethereum Mainnet.
This protocol is targeted at ensuring confidential and complex collaboration between enterprises without leaving any sensitive data on-chain.
The task will be overseen by the Ethereum-Oasis Project that is managed by OASIS and funded by the Ethereum Foundation and the Enterprise Ethereum Alliance.
Fourteen Founding Organizations Involved that Includes Chainlink
The Baseline Protocol already has 14 companies and organizations that will form its technical steering committee (TSC).
These companies and organization include ConsenSys, EY, Microsoft, AMD, Chainlink, Duke University, Core Convergence, MakerDAO, Envision Blockchain, Neocova, W3BCLOUD, Unibright, Provide, and Splunk.
According to the report, the protocol is designed to support the tokenization and decentralized financial services on the Mainnet in a manner that won’t reveal corporate assets to third-parties that are not authorized, leaving enterprise data safely in traditional systems.
The initiative of Baseline Protocol presents notable commercial opportunities for solution firms, enterprise, system vendors, and Cloud providers.
The Principal Program Manager, Blockchain at Microsoft, Yorke Rhodes said, “Microsoft Azure has been building production-ready offerings that give our enterprise customers direct access to blockchain technologies up and down the stack. 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.”