Will Big Businesses be Able to Embrace the Public Chain?

Will Big Businesses be Able to Embrace the Public Chain?

EY, which is one of the largest professional services firms in the world, ConsenSys, which is a blockchain software technology company founded by Joseph Lubin, and Microsoft, which is an American multinational technology company founded by Bill Gates and Paul Allen, have adopted a new way of using the public ethereum mainnet to link firms’ internal systems for resource planning. They use Ethereum as a message-oriented middleware rather than a source-of-truth repository which is a new approach. The way is boring to some people but they want to embrace it. John Wolpert thinks the system to be a useful analogy and changing the mental model from system of record to middleware.

He thinks the chief security officers of large enterprises will prefer the concept. Ethereum will reportedly connect distributed systems and interfaces. The planning and procedures maintained by three tech giants are known as Baseline Protocol, which is about to be released later this month, and the team Baseline has chosen to withdraw one particular use case in the area of procurement: comparing and verifying purchase orders and the like.

The protocol’s technical team is being made will include EY, Microsoft, ConsenSys, Splunk, MakerDAO, Duke University, ChainLink, Unibright, Envision Blockchain, Neocova, Core Convergence, Provide and W3BCloud. According to Wolpert, they can utilize the mainnet as a common frame of reference. Enterprises are getting tired up with public blockchain trends and tokens and in this situation shared immutable systems can be a mesmerizing ground to public blockchain projects. Through private blockchains, it gets tough to companies to join somebody else’s private network and private blockchains don’t scale well.

Is it possible with Zero-Knowledge proofs?

Both public and private blockchains are victim to leakage of data which distracts user’s privacy is a big problem to solve. Both are open to public and keep users at bay. The tokenizing part of the Baseline system is done using zero- knowledge proofs (ZKPs), which requires a lot of computation and the cost of gas is considerable, to make sure privacy of user data and reportedly a good deal of progress has been made with it. Baseline will manage tokens under zero-knowledge using shield contracts with the key metadata related to the tokens stored-off-chain. With an eye to reducing the cost of running ZKPs on blockchains like ethereum and to scale well, EY has been trying.

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