On Wednesday, the accounting firm EY launched a blockchain solution based on Ethereum with the aim of assisting businesses in executing intricate agreements, reducing costs, and upholding security.
Dubbed the EY OpsChain Contract Manager (OCM), this solution is crafted to address challenges such as managing business agreements across internal and external operational and technological barriers. It facilitates the synchronization of data among multiple parties and enforces critical terms through smart contracts, encompassing standardized pricing, volume discounts, rebates, and strike prices.
EY cited data from Zion Market Research, projecting that the global smart contracts market will reach $1 billion by 2030, with a compound annual growth rate (CAGR) estimated at around 24% between 2023 and 2030.
Unveiled during the annual EY Global Blockchain Summit, EY OCM operates on the Ethereum blockchain, ensuring decentralized operation within a dependable environment.
According to Paul Brody, EY’s global blockchain leader, deploying on a public blockchain offers not only cost-effectiveness but also scalability, enabling many-to-many integrations on an open platform without any single entity having undue control over the network.
EY OCM functions via an API, simplifying the management of smart contract providers. Firms can establish personalized user interfaces to configure standard pre-built contracting models, including Power Purchase Agreements for renewables.
Moreover, the tool is capable of automatically validating contract terms in real-time, monitoring policy adherence, and promptly alerting users to any discrepancies. This prevents non-compliant transactions and mitigates strategic advantages for buyers or sellers while reducing the high costs associated with establishing and operating a private network.
Furthermore, EY’s involvement in blockchain extends beyond OCM. In October 2019, the company introduced a blockchain solution aimed at enhancing government transparency and ensuring accountable outcomes for citizens. Additionally, it facilitated budget, expenditure, and outcome tracking.
In March 2020, EY launched the Baseline protocol, a suite of public domain blockchain tools for enterprises developed in collaboration with ConsenSys and Microsoft.
In September 2021, EY announced plans to integrate Polygon with its flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.
Source: cryptonews.com
