Business Contract Simplification Tool Developed by EY Using Ethereum Blockchain Technology
In a pioneering move, Ernst & Young (EY) has introduced the OpsChain Contract Manager (OCM), a blockchain-based platform designed to transform business contract management. The announcement was made during EY's annual Global Blockchain Summit.
The OCM platform, constructed on the Ethereum blockchain, aims to tackle complexities in managing inter-organisational agreements. It functions seamlessly across both internal systems and external business partners, establishing a new standard for blockchain adoption in the professional services sector.
EY's latest innovation builds on its expanding portfolio of blockchain-based solutions. By opting for a public blockchain, the platform enables broader scalability and more inclusive collaboration across enterprises. Initially launched on the Polygon proof-of-stake blockchain, the OCM platform is anticipated to migrate to the Ethereum mainnet.
The OCM platform utilises zero-knowledge proofs (ZKPs) to ensure privacy and trust, verifying contract-related data without exposing sensitive details. This technology has further industrialised the platform's capabilities, offering enterprises these benefits at a reduced initial investment.
The automation of contract processes is expected to dramatically reduce the number of non-compliant transactions. Cycle times for contract execution have been shortened by more than 90%, and contract management expenses have been cut by nearly 40%.
The development of the OCM platform signifies EY's ongoing commitment to creating interoperable, secure, and scalable blockchain tools tailored to modern enterprise needs. It mirrors a broader industry trend towards transparent and democratised systems.
EY's dedication to digital transformation is evident in its previous work, including the development of tools to enhance transparency in public sector operations and playing a central role in the development of the Baseline protocol. The firm has also deepened its involvement with Polygon by integrating the network into several of its blockchain offerings.
Implementations of EY's contract solutions have reportedly led to improvements in contract accuracy and reductions in administrative costs. The OCM platform addresses common challenges such as policy enforcement, compliance monitoring, and operational consistency across diverse technological environments.
The OCM platform was developed in collaboration with IBM and Chainyard and is initially deployed on the IBM Blockchain Platform based on Hyperledger Fabric. This partnership underscores EY's commitment to collaborative innovation in the blockchain space.
In conclusion, the OpsChain Contract Manager represents a significant advancement in the realm of business contract management. By harnessing the power of blockchain technology and leveraging cutting-edge privacy solutions, EY is setting a new benchmark for efficient, secure, and cost-effective contract management in the digital age.
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