EY launched an Ethereum blockchain solution to simplify business agreements

In this post:

  • The Big Four account firm, EY, launched an Ethereum-based blockchain solution to simplify business processes.
  • During the annual EY Global Blockchain Summit, the firm announced the EY OpsChain Contract Manager (EY OCM). 
  • The solution could reduce costs and enhance security.

Ernst & Young, also popularly known as EY, just launched what they call Ernst & Young OpsChain Contract Manager (OCM). The Ethereum blockchain-enabled solution for contract management will ensure the fulfillment of complex multi-party business agreements and help improve efficiency within the organization. 

Ernst & Young is certainly enthusiastic about the possibilities of blockchain solutions within the corporate world. During the launch, the firm expressed its intentions to use the OpsChain Contract Manager to handle its complex business agreements through the use of smart contracts. 

In an effort to reduce costs, the firm opted for a public blockchain like Ethereum, which supports smart contract developments. Choosing the Ethereum public blockchain as the Layer-1 Network allows EY OCM to be truly decentralized, which is a key factor in developing blockchain-based solutions. Transparency and trust are key elements of enterprise solutions, and EY’s choice to use a public blockchain like Ethereum demonstrates their commitment to providing a trusted, user-centric, efficient solution altogether. 

The Ernst & Young OCM will be available for enterprises through an API. Since it has been developed with a focus on enterprise needs, the blockchain-based tool supports a wide range of business contract types, such as standardized rate cards, volume discounts, rebates, and volume purchase agreements, among others. 

EY OpsChain Contract Management value proposition

“We’ve identified from past client work that contract automation can improve accuracy while cutting cycle times by more than 90% and overall contract administration costs by nearly 40%. With our zero-knowledge privacy technology, we have industrialized this capability, and we can now get these benefits at a fraction of the up-front cost. Deploying on a public blockchain is not only cheaper, but also much more scalable, helping enable many-to-many integrations on an open platform with no one company having an unfair advantage by controlling the network.” – Ernst & Young Global Blockchain Leader, Paul Brody.

Paul Brody’s views on how blockchain technology can revolutionize the enterprise sector are pretty convincing. The application of zero-knowledge privacy technology and its focus on a public blockchain alludes to ‘killing of two birds with one stone’ proverb. 

Ernst & Young has continued to be one of the biggest blockchain champions in the corporate world. Since 2019, the firm has continuously rolled out blockchain enterprise solutions in collaboration with ConsenSys, Polygon, and the tech giant Microsoft.

This new OpsChain Contrantact Management solution is a significant step in blockchain development. By increasing the blockchain footprint in the enterprise world, more firms will start to realize the potential of the technology, leading to a new spectrum of blockchain technology in the corporate world.

This report was first published on EY’s Press Release Blog.

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