Open source community shows how to keep procurement records in sync between small companies and big business
New York, NY – Tuesday, June 9, 2020, 10:00 am EST: Today, the Baseline Protocol, part of the Ethereum OASIS Open Project, released a proof-of-concept that maintains verifiably consistent records between an enterprise resource planning (ERP) system and a simple spreadsheet. This is another milestone for the initiative, which launched in March and released an integration between SAP and Dynamics 365 just two weeks ago.
Businesses spend hundreds of millions of dollars on ERP, CRM, and other internal systems of record. Failure to properly synchronize these systems between organizations causes disputes, lost inventory, inflated capital costs, regulatory actions, and other value leakages. To avoid these problems, systems need a common frame of reference, an integration layer that typically only the largest partnerships can afford. The baseline approach uses the public Ethereum Mainnet as its common frame of reference, which means it’s always on, companies can’t be locked out, and firms only pay for what they use.
Blockchain solutions companies, LimeChain and Provide collaborated to develop the proof-of-concept to ensure that the Baseline Protocol can be used by large and small companies–even those that don’t rely on complex information systems to manage their records.
“Our insight was that many smaller companies still use spreadsheets to keep track of their contracts and purchase orders,” said George Spasov, LimeChain’s Co-Founder & Blockchain Architect. “So with the help of Provide we figured out how to baseline a row in a spreadsheet with a record in a much more sophisticated system like Microsoft’s Dynamics 365.”
Baselining involves a process that ensures that a record in one system is verifiably the same as its corresponding record in another system. This allows company information to remain in traditional company databases while getting the benefits of maintaining a single source of truth with partners. The blockchain doesn’t hold the data but instead manages the ordering of events and enforces the consistency of the separate records. Using this and the Google Sheets API, the team was able to connect the spreadsheet with any other “baselined” system and ensure consistency on a record-by-record, row-by-row basis.
IDC estimates that as much as 30% of partners doing business with large companies are either too small or don’t do enough volume to warrant the cost and complexity involved in cross-company business process automation. They often resort to Fax and PDFs. As many as thirty-three percent of these contain errors, with each error costing an average of $53.00.
With the Baseline Protocol approach and thanks to the advent of the public blockchain Mainnet, now there is a path to secure, verified data exchange with one’s smallest partners.
More information on the demo and access to the open source code can be found here.
About Ethereum OASIS
Baseline is part of the Ethereum OASIS Open Project which provides a neutral forum for supporting open source projects and specifications that advance interoperability for blockchain applications worldwide. Ethereum OASIS communities work to develop clear, open standards, first-rate documentation, and shared test suites that facilitate new features and enhancements for Ethereum. The initiative is hosted by the nonprofit OASIS standards body. Everyone is welcome to contribute to Baseline, and suggestions for new Ethereum OASIS projects are encouraged.
For more information go to: https://github.com/ethereum-oasis/
LimeChain is a Blockchain & DLT solution company that helps businesses with digital transformation using blockchain. Services range from custom development and consulting to Blockchain & DLT Education for both business and technical audiences.Products and solutions are backed by Ethereum Community Fund, ETH Prize and Maker DAO. The Company’s flagship product is EtherLime – a dev suite for Ethereum. LimeChain is a contributor to multiple open source initiatives, including the Baseline Protocol and Hyperledger. The company has completed more than 70 projects with clients varying from startups to Fortune 100 companies. The company’s offices are located in London, UK and Sofia, Bulgaria.
For more information, go to: https://limechain.tech/
Provide Technologies offers low-code tools, protocols and services that help organizations build and scale their blockchain investments. The company’s mission is to make application development accessible across any cloud or protocol. Provide’s tools take the time and complexity out of efforts to reshape markets through decentralization.
For more information go to: https://provide.services