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How to improve multiparty workflows with Baseline Protocol

BY SJEANINE – MARCH 23, 2021

Editor's note: The image above was taken at March's Innov8 installment and features, from left to right: John Wolpert, Group Executive, Enterprise Mainnet Products and Technology of ConsenSys, and Timothy Summers, ASU Executive Director of Third Horizon Initiatives and host of Innov8.

Innov8 logoIt’s important to have clean data and superior project management when conducting business internally, but it’s even more important when multiple companies are involved. ConsenSys’s John Wolpert explained how Baseline Protocol can benefit multi-party workflow at March’s Innov8 installment, “B2B Process Automation: Using the Public Mainnet as a Common Frame of Reference.”

Baseline Protocol is an approach that helps enterprises coordinate complex, multi-party business processes, asset transfers and payments with privacy and without putting any sensitive enterprise information on the blockchain. The public blockchain Mainnet is used as a common frame of reference that enables all participants in a networked business process to maintain their own systems-of-record in a verified state of consistency.

There are a lot of benefits to using a public blockchain in the Baseline Protocol, including thatJohn Wolpert they are easier to use, less expensive and eliminate data silos. Wolpert explained that, at the end of the day, company leaders want to make sure payments are taking place. Baseline Protocol is effective in reducing capital expense and other overheads while increasing operational integrity when automating business processes across multiple companies. “Screw ups happen, bad things occur, and often, at the end, you don’t get paid,” said Wolpert. The good news: Baseline Protocol can help, and that’s why companies like Service Now and Coca Cola are using the approach in their operations.

During the Innov8 installment, Wolpert shared the recent announcement of the Baseline Protocol Grants Program, in which the Ethereum Foundation has gifted $100,000 to encourage and accelerate baseline protocol research and development  and enablement efforts, and encouraged the Innov8 audience to apply.

To learn more about Baseline Protocol, watch the weekly podcast, The Baseline, on YouTube.

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