EY, which is Ernst & Young, recently introduced OpsChain Contract Manager (OCM). This tool, operating on the Ethereum platform, employs zero-knowledge proofs technology for enhanced functionality.
Private businesses can effectively handle complex contractual arrangements with our solution, maintaining privacy, adhering to deadlines, and keeping costs low.
EY Launches the OpsChain Contract Manager
Since 2018, EY, which is among the leading “big four” accounting firms including Deloitte, KPMG, and PwC, has been investigating how zero-knowledge proofs (zk proofs) can be used in business settings.
The OpsChain Contract Manager (OCM) is specifically designed to make it simple and secure to handle business contracts on a publicly accessible blockchain. Through the use of zero-knowledge proofs, OCM maintains the security and privacy of contracts while streamlining processes and decreasing expenses.
This platform can connect to current business systems using a common API, and it offers different contract options such as volume discount agreements and pricing plans tied to real-time market information.
Through their experiences with past client projects, EY identified a need to improve contract term accuracy in an efficient and cost-effective manner. This led to the creation of OCM, which has the potential to decrease cycle times by around 90% and administrative costs by approximately 40%.
In the interim, EY decided against using a private network and instead opted for Ethereum, a publicly accessible blockchain. This choice aimed to ensure fairness among parties and minimize the risk of confidential business data being exposed.
Paul Brody, the Global Blockchain Leader at EY, pointed out that Nightfall, the technology behind OCM, originally developed on Ethereum’s platform, underwent trials on its test network. In the near future, an update is planned to migrate Nightfall to Ethereum’s main network. This transition could potentially include a Layer-3 upgrade to boost both scalability and capabilities.
EY’s Venture Into Blockchain
EY introduces OpsChain Contract Manager as more significant finance institutions embrace blockchain technology, with BlackRock being the latest addition through launching a tokenized fund on Ethereum.
EY’s Operational Contract Management (OCM) demonstrates their dedication to overhauling contract management in businesses, with a priority on improving processes and increasing transparency through the use of blockchain. By merging blockchain into conventional business methods, EY paves the way for the industry’s adoption of this game-changing technology within day-to-day activities.
EY’s recent advancement is an extension of their existing work in the blockchain industry. Notably, EY gained attention for a significant achievement in healthcare through their partnership with Canadian Blood Services, utilizing blockchain technology.
In October 2023, EY introduced an updated version of its blockchain analysis tool, Reconciler (Generation 4), which Fidelity will use to strengthen its own digital asset risk management processes.
In September 2021, EY revealed a partnership with Polygon to incorporate Polygon’s offerings into EY’s leading blockchain offerings, such as EY OpsChain and EY Blockchain Analyzer.
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2024-04-20 23:26