EY introduces blockchain solution utilizing Ethereum to simplify complicated contracts
EY, a leading accounting firm, has recently introduced a novel blockchain system with the goal of simplifying intricate business contracts, cutting expenses, and guaranteeing security.
Dubbed as EY OpsChain Contract Manager (OCM), this platform, which utilizes Ethereum, specifically addresses the difficulties of overseeing agreements within different operational and technological realms, both within and outside the organization.
During its yearly Global Blockchain Summit, EY introduced the OCM platform. Currently functioning on the Polygon blockchain, the platform is set to migrate to the Ethereum mainnet. This strategic decision takes advantage of Polygon’s reduced transaction fees and also prepares for Ethereum’s widespread network coverage.
According to EY’s Global Blockchain Leader, Paul Brody, utilizing a public blockchain offers significant benefits.
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.
Paul Brody
An impressive aspect of the OCM platform is its incorporation of zero-knowledge proofs (ZKP) on the Ethereum network, which guarantees contract confidentiality while maintaining efficiency.
ZKPs enable parties to confirm the accuracy of information without exposing sensitive details, thereby protecting crucial contract terms, transaction details, and confidential value chain information.
Validation and Compliance through Automation
According to the EY team, the OCM possesses the ability to verify contract terms automatically using real-time checks. This ensures that policies are followed and promptly alerts users of any inconsistencies.
By preventing non-compliant transactions, the platform creates a fair marketplace for both buyers and sellers, while also decreasing the costs of setting up and managing private networks.
In regards to the effectiveness of automating contracts, Paul Brody stated that:
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.
Paul Brody
EY’s Ongoing Efforts in Blockchain Implementation
EY’s continuous dedication to blockchain technology is exemplified by this recent progress. In the past, they have implemented blockchain solutions with the goal of improving government operations by promoting transparency and accountability.
EY has formed partnerships with prominent companies such as ConsenSys and Microsoft in order to create the Baseline protocol, which is a collection of blockchain solutions specifically designed for businesses. Furthermore, EY’s incorporation of Polygon into its primary blockchain services further strengthens its standing within the blockchain community.
About Ernst & Young
Ernst & Young offers global services in audit, consulting, tax, business risk, technology, security risk, and human capital. As one of the Big Four accounting firms, it traces its roots to the early 20th century when Scottish Arthur Young and American Alwin Ernst established their individual firms in 1906 and 1903, respectively.
The merger of these companies occurred in 1989. Presently, Ernst & Young boasts a workforce exceeding 200,000 individuals and a presence in over 150 nations.
What Does EY Provide?
EY has expanded its offerings significantly over the past decade, driven by heightened competition in the professional services arena, including investment banking and strategy consulting. Leveraging data and technology, EY focuses on delivering long-term value through three core services:
1. Assurance
EY helps businesses operate and grow while enhancing credibility through assurance. Its services, such as forensic and integrity services, and audit and financial accounting advisory services (FAAS), address risks and complexities, bolstering trust in capital markets and industries.
FAAS and forensic teams aid in preserving financial identities, supporting core business capabilities, and tackling climate change and sustainability risks.
2. Audit
EY’s audit teams provide enhanced, independent data analysis audits grounded in ethics, objectivity, and expertise. These services bolster stakeholder confidence and promote sustainable long-term value.
3. Other Assurance Services
Beyond traditional assurance, EY offers a range of specialized services, including climate change and sustainability services, private client audit experience, and more.
In summary, EY’s comprehensive suite of services is designed to help businesses thrive in a rapidly evolving landscape, ensuring trust, sustainability, and growth.
Joshua Downes
Joshua Downes is an experienced journalist and editor specialising in finance, trading, cryptocurrency and online betting. Over the last eight years, he has written for numerous publications and media outlets, both print and online. These include Trading-Education, Wetten, GamblingGuy, BitReviews, Industry Slice, and Gulf Business. With a BA in journalism and an MA in English, Joshua aims to provide informative and highly readable articles, making even the most complex of financial concepts easily understandable for the average reader. Joshua is currently pursuing professional qualifications in finance and also has extensive knowledge of the gambling industry, having spent four years working in operations for Gala Coral.
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