As the blockchain space continues to grow, companies are starting to realize the potential of technology. The main promise of blockchain is its ability to connect industries that usually operate in silos and provides new opportunities for data sharing and increased transparency.
While private blockchain networks are effective at sharing sensitive data between network participants, public blockchain networks like Ethereum are gaining traction for organizations looking to integrate data.
Ernst & Young’s Big Four report, published in November 2019, showed that the first use case for blockchain for companies is data integrity, and states: “By default, all data in the chain is visible to everyone who has access to the chain; public blocks for chains, that’s all. ”
For example, software giant SAP recently published a blog post explaining SAP’s integration with the Ethereum network. The post explains, among other things, why organizations want to take advantage of the public Ethereum network, and adds that when “Ethereum software runs on a network of nodes, there is a special feature.” The message continues:
“Even if individual nodes are run by strangers you don’t necessarily trust, the same shared network can rely on processing the transactions that the initiator of the transaction wanted. This network is extremely flexible. The public network can be trusted even if multiple node operators collaborate to manipulate the data they do. Handle them. ”
Ethereum network “grows” with privacy features
While the Ethereum network can rely on processing transactions that are transparent to network participants, technologies are being developed to increase the acceleration of Ethereum.
In March of this year, for example, Open Source launched the OASIS Initiative, a project that supports open source efforts to improve the interoperability of blockchain applications, the underlying protocol. This protocol coordinates sensitive workflows between organizations using peer-to-peer messaging, anonymous cryptography, and blockchain. With the Baseline Protocol, business data does not need to be migrated from traditional recording systems and business transactions remain private.
Currently, more than 600 companies and individuals are actively involved in this initiative, which is coordinated with the Mainnet Enterprise Ethereum Alliance working group. Specifically, Coke One North America, or CONA, announced that they will leverage underlying protocol technologies to increase the transparency of supply chain transactions between organizations.
While CONA publicly announced the news on August 5, Baseline Protocol announced the launch of the v0.1 reference application on August 26. John Wolpert, CEO of Enterprise Maininn at blockchain software company ConsenSys, told Cointelegraph that the v0.1 release is important as it provides developers with a set of standard interfaces to implement basic solutions:
“So far, everything has been done with the intention of creating a properly working protocol. For example, at first we had some experimental code and some ideas, but now we have a real deal. ”
According to Volpert, v0.1 allows developers to introduce a consistent set of protocol code into the underlying protocol, which can then be implemented in various enterprise products without changing the product interface. “Now you can create products and solutions that can form the basis for others,” said Wolbert.
This Plug and Play setup is especially attractive for organizations that want to take advantage of complex code without spending time developing it. A low-code development platform ultimately enables companies to meet the needs of a specific industry without having to completely redesign infrastructure.
Lead Ethereum Enterprise Implementation?
Regardless of the technical details, Wolbert explained that the concept behind the baseline is to enable business automation. Although the basic protocol methods are not targeted to a specific use case, the process is designed to ensure that the organization and the counterparty always have access to the same information, and sheds light on data integrity for companies.
Ethereum is an important component of this equation, as Wolpert mentioned in a previous Cointelegraph article, and the Baseline protocol works well with tamper-proof devices such as the Ethereum mainnet. “Corporate data can be stored in traditional databases while the Ethereum network is used as a consistency machine,” he explained.