EY and ConsenSys want to make Ethereum safer for businesses

The financial audit firm EY and the Ethereum studio ConsenSys, in partnership with the multinational Microsoft, announced the creation of Baseline Protocol, a solution aimed at making the network public Ethereum "Safe and effective" for companies.

According to a press release, Baseline Protocol is an open source initiative that combines advances in cryptography, of the messaging and some blockchain to provide secure and private business processes at low cost via the public network Ethereum.

Paul Brody, blockchain manager at EY, believes that the Private DLTs does not work "because it is difficult for companies to join someone else's private network."

The protocol will allow companies to collaborate "without letting appear sensitive data on-chain". Focused on confidentiality and respect for privacy, it will support the tokenization and the decentralized financial services. It would also offer "significant business opportunities" for enterprise and cloud solution providers.

Initiated by the member of the Big Four Ernst and Young and the Ethereum specialist ConsenSys, Baseline Protocol has already brought together ten major companies such as Microsoft and AMD under the consortium Oasis created by the Ethereum Foundation and the Enterprise Ethereum Alliance.

Microsoft Azure has developed production offerings that give our corporate customers direct access to blockchain technologies. For Ethereum, we integrate cloud scale principles into the solution without compromising information security. Baseline helps create an opportunity for solutions that can generate new value for businesses while increasing the value of the products that our customers and partners have been using for years, ”said Yorke Rhodes, blockchain director at Microsoft.