0
0
Ernst & Young Introduces OpsChain Contract Manager
Ernst & Young (EY), one of the Big Four accounting firms, introduced OpsChain Contract Manager (OCM) on April 17 as a cutting-edge service for managing enterprise contracts using blockchain technology.
OCM is specifically tailored to handle intricate, multi-party business agreements while prioritizing security and privacy through the utilization of blockchain technology. At its current stage, the service is operational on the Polygon proof-of-stake (PoS) blockchain, with plans for a future transition to the Ethereum mainnet.
Features of OpsChain Contract Manager
OpsChain Contract Manager (OCM) is meticulously crafted to streamline the secure management of business contracts on a public blockchain. It ensures confidentiality and integrity of contracts through the integration of zero-knowledge proofs, thereby enhancing operational efficiency and reducing costs.
The platform seamlessly integrates with existing enterprise systems via a standardized API and caters to various contract types, encompassing volume purchase agreements and pricing models that rely on market data feeds.
Although the service is presently associated with Ethereum, it leverages the Polygon PoS blockchain to capitalize on lower transaction fees which appeal to EY’s extensive industrial clientele.
Upcoming Enhancements and Transition to Ethereum Mainnet
Paul Brody, the spearhead of EY’s blockchain division since 2016, highlighted that Nightfall, the underlying technology of OCM, was originally developed on Ethereum and has undergone rigorous testing on its test network.
The imminent update will transpire Nightfall onto Ethereum’s mainnet, potentially accompanied by a Layer-3 upgrade to augment scalability and functionality.
Advantages of Public Blockchains
Brody underscored the significance of contract automation in expediting cycle times and reducing administrative expenses. He emphasized the scalability and neutrality advantages of public blockchains, emphasizing the prevention of any singular entity from monopolizing the network.
Furthermore, Brody forecasted that the trajectory of corporate blockchain applications is steering towards public blockchains, owing to their superior privacy and transparency compared to private alternatives.
The unveiling of OpsChain Contract Manager emerges amidst a surge in blockchain adoption by prominent financial entities, a notable instance being BlackRock’s launch of a tokenized fund on Ethereum. This signals a pivotal stride in institutional involvement with blockchain technologies.
With the deployment of OpsChain Contract Manager, EY endeavors to revolutionize how enterprises manage contracts, elevating operational efficiency and transparency through the integration of blockchain technology. EY’s pioneering initiative in fusing blockchain into traditional business methodologies sets a benchmark for the industry’s evolution towards harnessing this transformative technology in everyday practices.
Image/Photo credit: source url
