Ernst & Young (EY) has introduced the OpsChain Contract Manager, a new Ethereum-based tool, marking a significant advancement in simplifying intricate business agreements while prioritizing confidentiality, efficiency, and cost-effectiveness.
EY’s OpsChain Contract Manager (OCM) aims to address challenges associated with managing agreements across diverse operational and technological landscapes, both internally and externally. This solution represents a strategic move by EY to streamline complex contracts while reducing costs and ensuring security.
The launch of the OCM platform took place during EY’s annual Global Blockchain Summit. Initially operational on the Polygon proof-of-stake blockchain, the tool is set to transition to the Ethereum mainnet. This transition leverages Polygon’s lower transaction fees while preparing for Ethereum’s extensive network reach.
Paul Brody, EY’s Global Blockchain Leader, underscored the advantages of deploying on a public blockchain, stating, “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.”
One of the notable features of the OCM platform is its utilization of zero-knowledge proofs (ZKPs) on the Ethereum network to ensure contract confidentiality without compromising efficiency. ZKPs enable parties to verify information accuracy without disclosing sensitive details, thereby safeguarding critical contract terms, transaction specifics, and confidential value chain information.
The OCM platform also offers automated validation of contract terms through real-time checks, ensuring policy adherence and promptly notifying users of any discrepancies. By preventing non-compliant transactions, the platform fosters equity for buyers and sellers while reducing expenses associated with private network establishment and maintenance.
Brody further emphasized the efficiency of automating contracts, stating, “We’ve identified from past client work that contract automation can improve accuracy while cutting cycle times by more than 90% and overall contract administration costs by nearly 40%. With our zero-knowledge privacy technology, we have industrialized this capability, and we can now get these benefits at a fraction of the up-front cost.”
This latest initiative adds to EY’s ongoing commitment to blockchain technology. Previously, the company introduced blockchain solutions aimed at enhancing transparency and accountability in government operations. Collaborations with industry leaders like ConsenSys and Microsoft have resulted in the development of the Baseline protocol, a suite of blockchain tools for enterprises. Moreover, EY’s integration of Polygon with flagship blockchain services further solidifies its position in the blockchain ecosystem.
Source: cryptodaily.co.uk
