March 28, 2024

ConsenSys new Ethereum protocol, vendor verification for Vodafone and other blockchain initiatives

Distributed ledger technology remains one of the hottest trends among financial,government and commercial organizations worldwide. ForkLog Magazine offers an overview of the most interesting initiatives of the past week.

ConsenSys and EY Introduce Baseline Ethereum Protocol

ConsenSys and Audit This WeekEY announced the launch of the Baseline Protocol project, the main task of which is to create corporate user access to decentralized finance (DeFi) services on the Ethereum core network without the need to disclose its private data.

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The initiative was also supported by Microsoft, AMD, Chainlink, MakerDAO, Core Convergence, Duke University, Envision Blockchain, Neocava Splunk, HniBright, Provide and W3BCLOUD.

As explained by ConsenSys, systemslike ERP and CRM have difficulty synchronizing data with their counterparts. Blockchain technology may become a potential solution to this problem, however, many companies are afraid of revealing business secrets to potential competitors represented by other network participants.

Baseline Protocol will isolate data fromother participants in the system. For this, digital signatures, a zero-disclosure evidence algorithm (zk-SNARKs) and other technologies will be used. Thus, various teams will gain access to the information necessary at a certain stage of work, however, all other data will be hidden from them.

The ultimate goal of the project, work on whichcompleted by three quarters - to improve the quality of products of enterprise systems suppliers, developers of individual solutions and cloud providers. The developed code will be posted in the public domain through the non-profit organization for standardization OASIS.

Vodafone uses blockchain to verify suppliers

Multinational Telecommunications CompanyVodafone is exploring the possibilities of blockchain to increase the efficiency of its supply chains. The technology is included in a wider initiative of the company called #ChangeTheFace and is implemented through the Trust Your Supplier digital identity platform.

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It is reported that the platform was developed inlast year, together with technology giant IBM and blockchain company Chainyard. The technology companies Cisco, Lenovo, Nokia, Schneider Electric and the British pharmaceutical company GlaxoSmithKline also joined Trust Your Supplier.

The platform is designed to eliminate manual labor-intensiveprocesses and reduce the risk of fraud and errors. Certain standards will also be introduced in the field of “security, values, supplies and technologies”, to which service and product providers will be invited.

Study: blockchain in the automotive industry will reach $ 5.6 billion by 2030

The global blockchain market in the automotive industry will grow to $ 428 million this year, and after 10 years it will grow to $ 5.6 billion, ResearchandMarkets said.

The study notes that the average annual growth of the automotive industry will be about 30, while the blockchain will significantly influence the transformation of the industry.

So, in systems based on the blockchain they will storeRecords of car sales, warranty claims and insurance. The constancy of the entries made on the blockchain will allow buyers to be confident in the history of their cars, including those bought in used condition.

Blockchain technology will also reducethe number of intermediaries between the factory and the buyer, thereby reducing producer costs. ResearchandMarkets also noted that the blockchain itself is not very useful, but the correct application of the technology can really increase the efficiency of many processes, especially in combination with artificial intelligence and the Internet of things.

Also this week we wrote:

  • Bitfury Updated Exonum CIS Blockchain Platform
  • Walmart joins Hyperledger blockchain consortium
  • Marshall Islands to release digital currency on Algorand blockchain