If you listen to the EEA news, you may have heard a lot about Community Projects in the European Economic Area recent. The EEA community project was born from the partnership between EEA and OASIS Open, and is now the center of community-driven business standard development and project promotion related to Ethereum. This is a community dedicated to enabling the Ethereum business ecosystem to utilize a wider resource network and further accelerate innovation.
One of the key projects under the EEA community project umbrella is the baseline agreement. This open source project uses advanced cryptography, messaging and blockchain to provide secure, low-cost private business processes on the public Ethereum mainnet.If you missed it, there is Some Exciting news related to the recently announced baseline agreement, So we want to take a moment to provide some background knowledge about what an agreement is, why it is important, and how to use it to promote your business.
what Yes Baseline?
Let’s start from the beginning. Since 2019, EY, Microsoft, ConsenSys, Unibright, Provide, Splunk and other companies in the open source community have been developing baseline protocols. References between different systems, including traditional enterprise record systems, any type of database or state machine, and even different blockchains or DLT (distributed ledger technology). “[1] In fact, it helps to ensure data consistency from one database to another to help simplify the business and reduce instances of disputes related to data discrepancies. For example, the baseline agreement can be used to help ensure that the supplier’s data matches the merchant’s data in terms of purchase content, price, and delivery time. The baseline has nothing to do with the platform-the platform can be connected to any other platform using the protocol, as long as you have a connector. From SAP Dynamics to Salesforce, to Netsuite, etc., the baseline approach applies to all of them. Even an Excel spreadsheet can establish a baseline.
Understand the business value
For companies, using baseline agreements with their counterparties (partners, suppliers, buyers) helps ensure that important documents such as invoices are verified and that buyer and supplier information is consistent. This greatly reduces the risk of cross-system data discrepancies that can lead to loss of time and money. If your records have a baseline, the likelihood of disputes or denials will drop sharply, because all parties can use clear and identical data records.
The high level of security provided by Baseline Protocol is also a key selling point for enterprises. When using this protocol, sensitive data is limited to your internal storage location, all related parties must use zero-knowledge proof, and data is only exchanged in an encrypted, peer-to-peer manner. In this way, the baseline protocol provides a reliable and secure way to exchange information without revealing any sensitive information or risking costly data leakage.[2]
How to start the baseline?
We are happy to share with you Basic Ledger Test Net Launched on September 1Yingshi And it is now open to the public. LedgerIt is an open source project and the first public network used to store and manage baseline certificates, which is an important part of the synchronization recording system on the Internet according to the baseline protocol. The high-performance, high-availability network provides proven system integration services at a very low cost, and does not require any financial or time investment to establish.The open source Baseledger code base is now available in GitHub, Developers can quickly synchronize any group of companies’ databases, ERP, CRM, accounting, compliance and other information management systems.
We hope you find this article useful for you to understand the baseline protocol and what it can provide for your business.visit Baseline website Follow us to learn more and keep abreast of all the contents of EEA Twitter, LinkedIn with Facebook.
[1] https://docs.baseline-protocol.org/
[2] https://limechain.tech/blog/the-baseline-protocol-explained/
