Ernst & Young (EY) has rolled out a groundbreaking blockchain tool, the OpsChain Contract Manager (OCM), built on Ethereum. This move marks a significant stride toward streamlining intricate business agreements while prioritizing confidentiality, efficiency, and cost-effectiveness.
EY’s New Blockchain Solution
EY, a leading accounting firm, has unveiled the EY OpsChain Contract Manager (OCM), a blockchain-powered tool designed to simplify complex business agreements, reduce costs, and bolster security. The OCM addresses the challenges of managing agreements across diverse operational and technological boundaries, both internally and externally.
Leveraging Public Blockchain Benefits
EY introduced the OCM platform during its annual Global Blockchain Summit, initially deploying it on the Polygon proof-of-stake blockchain before transitioning to the Ethereum mainnet. This strategic move harnesses Polygon’s lower transaction fees while preparing for Ethereum’s extensive network capabilities.
Paul Brody, EY’s Global Blockchain Leader, highlighted the advantages of leveraging a public blockchain, stating, “Deploying on a public blockchain is not only cheaper but also much more scalable, enabling many-to-many integrations on an open platform with no single company holding undue control over the network.”
Enhanced Confidentiality with ZK-Proofs
A standout feature of the OCM platform is its utilization of zero-knowledge proofs (ZKPs) on the Ethereum network, ensuring contract confidentiality without compromising efficiency. ZKPs enable parties to verify information accuracy without disclosing sensitive details, safeguarding critical contract terms, transaction specifics, and confidential value chain information.
Automated Validation and Compliance
The OCM boasts automated contract term validation through real-time checks, ensuring policy adherence and promptly notifying users of any discrepancies. By preventing non-compliant transactions, the platform fosters equity between buyers and sellers while reducing expenses associated with establishing and maintaining private networks.
Paul Brody emphasized the efficiency gains from automating contracts, stating, “Contract automation can significantly enhance accuracy, cutting cycle times by over 90% and overall contract administration costs by nearly 40%. With our zero-knowledge privacy technology, we’ve industrialized this capability, offering these benefits at a fraction of the upfront cost.”
Continued Blockchain Initiatives by EY
This latest development underscores EY’s steadfast commitment to blockchain technology. Previously, the company introduced blockchain solutions aimed at enhancing transparency and accountability in government operations. Collaborations with industry leaders like ConsenSys and Microsoft have led to the development of the Baseline protocol, a suite of blockchain tools for enterprises. EY’s integration of Polygon with flagship blockchain services further cements its position in the blockchain ecosystem.
