Introducing EY’s OpsChain Contract Manager: A Revolutionary Solution for Business Contracts Powered by Ethereum

Ernst & Young (EY) has introduced OpsChain Contract Manager (OCM), a solution based on Ethereum that utilizes zero-knowledge proofs technology. This solution is designed to aid private businesses in efficiently managing and executing complex business agreements while ensuring confidentiality, timeliness, and cost-effectiveness. EY, a prominent member of the “big four” accounting firms, has been exploring the business applications of zero-knowledge proofs (zk proofs) since at least 2018.

OpsChain Contract Manager (OCM) is tailored to enable the secure management of business contracts on a public blockchain, enhancing contract integrity and confidentiality through zero-knowledge proofs and reducing costs while improving efficiency. The platform integrates with existing enterprise systems through a standardized API and supports various contract types, such as volume purchase agreements and pricing models connected to market data feeds.

The development of OCM stemmed from EY’s previous client engagements, where it identified opportunities to enhance contract accuracy and reduce cycle times and administrative costs significantly. EY opted for Ethereum, a public blockchain, over a private network to avoid unfair advantages and prevent the leakage of sensitive business information.

Paul Brody, EY Global Blockchain Leader, highlighted the technology behind OCM, Nightfall, which originated on Ethereum and underwent testing on its test network. An upcoming update will migrate Nightfall to Ethereum’s mainnet and may include a Layer-3 upgrade for improved scalability and functionality.

EY’s foray into blockchain aligns with a broader trend of increased blockchain adoption by major financial players. EY’s OCM underscores its commitment to transforming how enterprises manage contracts by enhancing process efficiency and transparency with blockchain solutions. This development builds on EY’s continued engagement with the blockchain sector, showcasing its dedication to leveraging blockchain technology in various industries.

In addition to launching OpsChain Contract Manager, EY has made notable advancements in blockchain technology, including collaborating with industry leaders and integrating blockchain solutions into its flagship services. EY’s strategic partnerships and innovative approaches position it as a key player in driving blockchain adoption across multiple sectors.

LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

More Info

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Company

Get Latest Updates!

    Get all the latest updates on the crypto scene, including access to exclusive airdrops. @2024. All Rights Reserved.