Ernst & Young (EY) launched OpsChain Contract Manager (OCM), an ethereum solution that leverages zero-knowledge proof technology.
The solution will help private companies efficiently manage and execute complex commercial agreements, while ensuring confidentiality, timeliness and profitability.
EY launches OpsChain contract manager
EY, one of the “big four” accounting firms along with Deloitte, KPMG and PwC, has been exploring commercial applications of zero-knowledge proofs (zk-proofs) since at least 2018.
The OpsChain Contract Manager (OCM) is ethereum” data-wpel-link=”external” target=”_blank”>tailor-made to facilitate the secure management of commercial contracts on a public blockchain. By leveraging zero-knowledge proofs, OCM ensures contract integrity and confidentiality while improving efficiency and reducing costs.
The platform integrates with existing enterprise systems through a standardized API and supports multiple contract types, including volume purchasing agreements and pricing models linked to market data sources.
The development of OCM arose from previous engagements with EY clients, where it was realized that the accuracy of contract terms could be improved while significantly reducing cycle times and administrative costs by approximately 90% and a 40%, respectively.
Meanwhile, EY chose ethereum, a public blockchain, rather than a private network to prevent any party from gaining an improper advantage while mitigating the risk of leakage of sensitive business information.
Paul Brody, EY Global Blockchain Leader, twitter.com/pbrody/status/1780618869679526136″ data-wpel-link=”external” target=”_blank”>highlighted that the technology behind OCM, Nightfall, initially emerged on ethereum and underwent testing on its testnet. The upcoming update will transition Nightfall to the ethereum mainnet and may incorporate a Layer 3 upgrade to improve scalability and functionality.
EY's adventure in Blockchain
EY's launch of OpsChain Contract Manager comes amid growing blockchain adoption by major financial players. BlackRock also recently entered the space with a tokenized fund on ethereum.
EY's OCM reflects its commitment to revolutionizing the way companies manage contracts, focusing on improving process efficiency and transparency through blockchain solutions. By integrating blockchain into traditional business practices, EY sets a precedent for the industry to move toward adopting this transformative technology in routine operations.
This latest development builds on EY's continued commitment to the blockchain sector. EY recently made headlines with a “breakthrough in healthcare” by leveraging blockchain technology in collaboration with Canadian Blood Services.
In October 2023, EY introduced the fourth generation of its EY blockchain analysis tool, Reconciler, designed to help Fidelity improve internal risk management for digital assets.
In September 2021, EY also announced its collaboration with Polygon to integrate Polygon solutions with EY's flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.
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