Ethereum ICOs and the Baseline Protocol

Ethereum ICOs and the Baseline Protocol

In March 2020, a consortium of 14 organisations released their vision for a Baseline Protocol that uses the Ethereum Mainnet as a common frame of reference – due to its public and open nature – that can be applied to any database or workflow.

Overseen by the Ethereum-Oasis Project with links to the Ethereum Foundation and Enterprise Ethereum Alliance, the companies involved include Microsoft, AMD, Ernst & Young, ConsenSys, MakerDAO, ChainLink, and Unibright.

In a recent article, it was suggested a Baseline Protocol was necessary as “It is incredibly difficult to synchronise data between organisations especially when the incentives differ.”

This week, Baseline Protocol and OASIS released a demo of multiple companies managing orders and agreements across disparate systems through “baselining” in order to “…prevent data inconsistencies and workflow errors that often lead to problems in revenue recognition.”

ICOs at the Baseline

When launching their initial coin offering (ICO) in 2018, Unibright stated they were offering the “…first unified framework for blockchain-based business integration…” that was blockchain agnostic.

As can be seen in the video, Unibright fulfils the role of connector for different enterprise resource planning (ERP) systems within the Baseline Protocol.

Following their successful ICO in 2017, ChainLink have gone on to be the dominant oracle provider in the blockchain space forging multiple partnerships with projects who need reliable, real-time data.

In a lecture at Durham University in the UK the Co-Founder of Baseline Protocol, John Wolpert, explained how ChainLink will not only verify the truth of an agreement but ensure that it is verifiably the same on whichever system of record is being used by individual companies.

With both Unibright and ChainLink firmly established as key parts of the project, specialist magazine, Supply & Demand Chain Executive, have reported how another 2018 ICO, ShipChain, have now become part of the Baseline Protocol’s Specifications Steering Committee.

In doing so, ShipChain will utilise Baseline Protocol for “…private transactions on both the public Ethereum network and the ShipChain sidechain, as well as facilitate the flow and synchronisation of data between disparate ERP and other enterprise-class systems.”