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.
Read More
- ZIG PREDICTION. ZIG cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
- AI Gives You “Certain Superpowers,” But Won’t Make Better Films Without Creators’ Vision: WME Exec
- MVRDV Designs Solar-Powered “Sports Club in a Shipping Container” For Refugees
- EUR ZAR PREDICTION
- ‘I Pitched Stargate’s Take On Black Panther’: Christopher Judge Opens Up About His Teal’c Spinoff And Why It Hasn’t Happened
- ‘Anyone And Everyone Is Welcome’: Melissa Rauch Talks Upcoming Big Bang Theory Reunions Ahead of Mayim Bialik’s Arrival On Night Court
- RSR PREDICTION. RSR cryptocurrency
- Netflix’s Action Thriller Hit ‘Rebel Ridge’ Included on Coveted Best of 2024 List
- Best Magic Items in the ‘Harry Potter’ Movies
2024-04-18 11:04