EY launches new blockchain solution to manage business contracts on Ethereum

fiverr
EY launches new blockchain solution to manage business contracts on Ethereum
Changelly


Share this article

EY has launched a new blockchain-based contract management tool, EY OpsChain Contract Manager (OCM), on the Ethereum public chain. The OCM is designed to help businesses execute complex agreements securely, efficiently, and at a lower cost, the company shared in a press release on Wednesday.

As noted, the OCM uses smart contracts on the Ethereum public blockchain to automate contract execution and enforce agreed-upon terms. It also uses zero-knowledge proofs (ZKPs) to keep confidential data private.

itrust

With the new solution, EY aims to eliminate the challenge of managing business agreements across numerous operational and technological divisions within and outside organizations. Traditionally, managing complex contracts across different parties and systems can be slow, expensive, and error-prone.

By utilizing EY OCM, companies can synchronize data with business partners and uniformly enforce key business terms, such as standardized pricing and volume discounts, the company noted. The solution is expected to create a secure and transparent environment for all parties involved.

According to the team, EY’s solution can integrate with existing enterprise systems via a standardized API, supporting a wide range of business contract types.

In other words, enterprises of all sizes can use OCM to manage various types of business contracts. Early adopters are currently testing the system with complex Power Purchasing Agreements that incorporate market prices and strike prices.

Paul Brody, EY Global Blockchain Leader, highlights the efficiency of contract automation. He stated:

“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. 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.

The latest move follows EY’s debut of a beta version of Nightfall in September 2021 in collaboration with Polygon. Nightfall is a privacy protocol that employs an Optimistic Zero-Knowledge Roll-Up to facilitate private transactions on Ethereum.

Nightfall concentrates on enabling private transactions for enterprises on Ethereum, addressing concerns like network congestion and high transaction costs. Its primary use is safeguarding transaction privacy while benefiting from the public Ethereum blockchain’s security features.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Source link

Binance

Be the first to comment

Leave a Reply