Blockchain
Baseledger Launches High Security IT Synchronization Network, Powered by $UBT
Today, the much anticipated Baseledger testnet is live and now available to the public. ConsenSys Mesh announced that it will join Provide, Unibright and other companies to support and utilize Baseledger in its projects that aim to be compliant with the Baseline Protocol, a new enterprise systems integration standard. The companies will host the upcoming EthAtlanta event and hackathon on October 1-3 to help developers begin utilizing the network.
Baseledger, an open source project initially developed by Unibright and Provide, is the first public network designed for storing and managing baseline proofs, which are an essential part of synchronizing systems of record across the internet in accordance with the Baseline Protocol. The high-performance, high-availability network provides verified systems integration services at very low cost, without requiring companies to spend time and capital setting it up. Baseledger complies with the Baseline Protocol to ensure that no data is moved from companies’ systems of record onto any kind of blockchain, and proofs cannot be used by an observer to learn anything about companies’ confidential information, relationships or business activities. The network is secure, always-on, and anchored to the Ethereum blockchain using a cryptographic technique called ZK Rollups to prevent tampering with the proofs.
Users storing proofs on the network enjoy fixed transaction fees, denominated and paid in fiat currency. They do not need to hold any form of cryptocurrency to pay for the service. Network governance and transaction settlement are powered by $UBT, short for Universal Business Token, an Ethereum ERC20 token originally issued by Unibright in 2017. Since transaction fees remain stable even if $UBT rises in value, organizations can use Baseledger without concern over price volatility.
“Provide is contributing to the Baseline Protocol to set a new standard in enterprise synchronization. The release of the Baseledger testnet and core bits of the Provide software stack today positions enterprises of all sizes and technological capabilities to adopt the standard and apply it to their own systems and processes. Baseledger adds additional security to the Provide stack to enable a novel zk-zk rollup implementation, which is critical for scaling enterprise DeFi and building new baselined fintech products and services,” said Kyle Thomas, CEO of Provide.
Provide open-sourced key components required for baseline-compliant systems integration, including Ident, NChain, Privacy and Vault, to coincide with today’s launch of the Baseledger testnet. This release, which is now available on GitHub, allows developers to quickly synchronize databases, ERP, CRM, accounting, compliance and other information management systems across any set of companies. The testnet will operate for several months leading up to the launch of the production network, which will be powered by $UBT.
John Wolpert, ConsenSys product executive and chair of the Baseline Protocol technical steering committee said, “One of the most important things about open standards and open source is that they help prevent vendor lock-in and lower costs for businesses. But all projects like this require reliable, affordable, and straightforward tools in order to achieve wide adoption. The Baseledger network and the Provide platform are the first to make the benefits of baselining accessible to everyone.”
Marten Jung, CEO of Unibright, added, “With Baseledger we provide the missing link for enterprises aiming for a productive deployment of the Baseline Protocol across a variety of business cases at enterprise scale, powered by an incentivized ecosystem based on $UBT. Baseledger empowers enterprises to overcome restrictions of current public ledgers in terms of transaction costs, performance, compliance, integration and coordination”.
Companies are already starting to use the Baseline Protocol to reduce fraud and disputes, ensure regulatory and tax compliance, synchronize accounts payable, and get access to more favorable financing terms from both traditional and DeFi sources.
Andrei Semonov, Director of Innovation at Coke One North America (CONA) said, “CONA has been working with Provide and Unibright for the past year on the Baseline Protocol. I am excited to see progress on Baseledger and to be one of the first node operators on the testnet.”
ServiceNow, a leading cloud platform that helps companies deliver digital workflows in enterprise operations, has also been working with Provide over the last year. “I am convinced that the Provide technology is able to support many ServiceNow use cases that require business process synchronization and baselining. This enables our customers with the ability to scale integrations across their business networks while effectively addressing enterprise security requirements,” said Nicola Attico, Senior Advisory Consultant at ServiceNow.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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