- EY has launched an Ethereum-based smart contract service for its clients
- EY OpsChain Contract Manager aims to streamline enterprise contract management
- Transactions will take place on the public Ethereum blockchain.
Accounting giant EY has unveiled an Ethereum-based platform which it says will help streamline contract management for enterprises. The company launched its EY OpsChain Contract Manager (OCM) yesterday at the EY Global Blockchain Summit, with the company saying that it addresses the challenge of managing complex business agreements across operational and technological silos. Unlike other institutional offerings, which use permissioned versions of public blockchains, OCM will use the public Ethereum blockchain to process its transactions with privacy maintained through Zero Knowledge Circuits.
EY Sees Benefits of Smart Contract
In its press release announcing OCM, EY states that the global smart contracts market is projected to reach US $1 billion by 2030, reflecting growing demand for solutions that can utilize it, adding that smart contracts can ensure consistent adherence to contract terms, potentially unlocking significant value for enterprises.
By synchronizing data and enforcing key business terms, such as standardized pricing and discounts, EY says that OCM can enhance efficiency and cost-effectiveness, factors that will naturally be very appealing to large institutions. With OCM, EY aims to revolutionize contract management, offering enterprises a robust solution to navigate the complexities of modern business agreements.
Public Blockchains Praised
Paul Brody, EY Global Blockchain Leader, extolled the virtues of using a public blockchain as opposed to a permissioned one:
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.
EY recently announced a “healthcare breakthrough” using blockchain technology when it revealed it had worked with Canadian Blood Services to trace the supply of plasma, increasing the efficiency of data collection and publication surrounding its storage and transfer.
