Ernst & Young, one of the major accounting firms, has unveiled a novel solution named EY OpsChain Contract Manager (OCM), which leverages Ethereum technology. This instrument aims to simplify the contract management process for private enterprises, particularly when dealing with intricate agreements.
Using Ethereum’s blockchain, EY intends to maintain the confidentiality and ensure a fair process in the execution of contracts.
OCM can be applied to various types of contracts, including purchase agreements, rate cards, discounts, rebates, and more. Unlike using a private network, Ethereum’s public blockchain prevents any party from gaining unfair advantages and safeguards sensitive business data from leaks.
After identifying the requirement to improve contract precision and decrease administrative time and expenses, EY created OCM as a solution.
Based on Paul Brody’s findings as the Global Blockchain Leader at EY, previous clients have seen significant reductions in contract cycle times, potentially shortening them by up to 90%, and administration costs, which could be decreased by approximately 40%.
To put it simply, EY’s Ethereum innovation allows businesses to handle intricate contract arrangements in a secure, streamlined, and economical manner, bringing advantages to all parties involved.
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2024-04-18 11:04