EY and ConsenSys announced the formation of the Baseline Protocol with Microsoft which is an open source initiative that combines cryptography, messaging and blockchain to deliver secure and private business processes at low cost via the public Ethereum Mainnet. The protocol will enable confidential and complex collaboration between enterprises without leaving any sensitive data on-chain. The work will be governed by the Ethereum-Oasis Project.

Past approaches to blockchain technology have had difficulty meeting the highest standards of privacy, security and performance required by corporate IT departments. Overcoming these issues is the goal of the Baseline Protocol.

John Wolpert, ConsenSys’ Group Executive for Enterprise Mainnet added, “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.”

Source : ConsenSys