EY Debuts Ethereum-Powered Blockchain Solution for Streamlining Complex Contracts

by

Ernst & Young introduced an Ethereum-powered OpsChain Contract Manager, marking a major advancement in streamlining intricate business contracts, maintaining privacy, enhancing productivity, and reducing expenses.

Ernst & Young’s New Blockchain Tool 

Accounting behemoth EY unveils novel blockchain application, EY OpsChain Contract Manager (OCM: EY’s new Ethereum-based tool simplifies intricate business contracts, minimizes expenses, and enhances security. By addressing hurdles like managing agreements that span multiple operational and technological borders, whether within or outside an organization, OCM streamlines contract administration.

Making The Best Of Public Blockchain

During its yearly Global Blockchain Summit, EY revealed the Operational Chain Management (OCM) platform based on Polygon‘s proof-of-stake blockchain. With plans to eventually transfer to Ethereum’s mainnet, this decision takes advantage of Polygon’s lower transaction costs while gearing up for Ethereum’s extensive user base.

Paul Brody, the Global Blockchain Leader at EY, highlighted the benefits of using a public blockchain instead.

Using a public blockchain for deployment comes with two major advantages. First, it’s generally less expensive compared to other options. Second, it offers greater scalability, enabling numerous interconnections in an open system where no single entity can dominate or manipulate the network.

Improving Confidentiality with ZK-Proofs

One notable aspect of the OCM platform is its implementation of zero-knowledge proofs (ZKP) on Ethereum’s network for maintaining contract privacy without sacrificing performance. ZKPs enable parties to authenticate data accuracy without disclosing confidential details, thereby securing crucial contract conditions, transaction particulars, and sensitive value chain information.

Automated Validation and Policy Adherence

The EY team emphasized that the OCM has the ability to instantly verify contract conditions in real time, ensuring compliance with policies and alerting users of any inconsistencies. This feature eliminates non-compliant transactions, creating a fair marketplace for both buyers and sellers, and decreases costs related to setting up and managing exclusive networks.

Talking about the efficiency of automating contracts, Paul Brody said, 

Through analyzing previous client projects, we’ve discovered that utilizing contract automation leads to over 90% reduction in cycle times and saves approximately 40% on overall contract management costs. By implementing our advanced zero-knowledge privacy technology, we have streamlined this feature, making it accessible at a significantly lower initial expense.

EY’s Continued Blockchain Initiatives

In their most recent advancement, EY continues to demonstrate its dedication to blockchain technology by introducing new solutions. Prior to this, the firm had already developed blockchain applications intended to boost transparency and responsibility within public administration.

EY has teamed up with prominent industry figures such as ConsenSys and Microsoft to create the Baseline protocol, a collection of blockchain tools designed for businesses. Additionally, EY’s incorporation of Polygon into its primary blockchain offerings strengthens its presence within the blockchain community.

Read More

2024-04-18 15:05