Businesses can now efficiently handle intricate contract arrangements with reduced costs and enhanced security, thanks to the new Ethereum-based blockchain solution introduced by accounting firm EY.
April 17 saw the unveiling of EY’s new offering: the EY OpsChain Contract Manager (OCM). This innovative, blockchain-powered tool is specifically crafted to streamline the management of numerous business contracts that often become fragmented due to internal and external operational and technology divisions.
With blockchain technology, businesses can keep data aligned among numerous parties. Moreover, it incorporates smart contracts that ensure compliance with essential terms like uniform pricing, bulk purchase discounts, refunds, and fixed prices.
According to data from Zion Market Research, the value of the global smart contracts market is forecasted to surpass $1 billion by the year 2030. The predicted annual growth rate during this period is approximately 24%.
At the yearly EY Global Blockchain Summit, EY OCM made its first appearance. Being built on the Ethereum blockchain, it functions in a decentralized way while maintaining stability.
Using a public blockchain for deployment offers not just cost savings, but also superior scalability. This enables numerous interconnections in a level playing field on an open platform where no single entity holds control over the network.
Paul Brody, EY global blockchain leader
Using a simple and natural paraphrase, EY OCM integrates an API for handling smart contract providers. This functionality empowers businesses to design custom user experiences and adjust standard contract template options. The launch collection of templates covers Power Purchase Agreements specifically tailored for renewable energy.
Additionally, EY explained that their proposed solution has the capability to verify contract conditions in real time. It also ensures adherence to policies by flagging any discrepancies promptly. Consequently, any transactions that fail to meet the contract specifications are prevented from being processed.
This measure prevents one party from gaining an unfair edge, be it buyer or seller. It also lessens the significant expenses linked to initiating and maintaining a personal network. Furthermore, it addresses the apprehensions surrounding the exchange of confidential business data via a unified industry platform.
EY’s newest advancement signifies yet another engagement with the blockchain industry. Specifically, in October 2023, EY unveiled the launch of their fourth-generation EY blockchain analysis tool.
During that period, EY announced that their Reconciler tool would help Fidelity enhance its own digital asset risk management processes.
In September 2021, EY announced its plan to integrate Polygon into their flagship blockchain offerings, which include EY OpsChain and EY Blockchain Analyzer.
Read More
Sorry. No data so far.
2024-04-17 11:40