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Ernst & Young (EY) introduced OpsChain Contract Manager. The Ethereum blockchain-based contract management platform will finalize complicated multilateral commercial agreements and improve company productivity. Ernst & Young is enthusiastic about corporate blockchain (digital ledger) systems. The company stated that it will use smart contracts along with the OpsChain Contract Manager to control its complicated commercial relationships.
The company opted for Ethereum—a public digital ledger with smart contract support—to save money. The Ethereum public blockchain serves as the Layer-1 Network for the truly decentralized EY OCM, a prerequisite for blockchain-based solutions. Enterprise solutions, or EY, require transparency and trust. The use of Ethereum by EY shows just how much the company is aiming for a user-friendly, efficient, and trusted solution as well.
Ernst & Young will provide the OCM API to enterprises. It includes standardized rate cards, volume discounts, rebates, and volume purchase agreements since it is an enterprise-geared technology.
Blockchain Revolutionizing Enterprise: Insights from Ernst & Young
Cost savings achieved using contract automation can range from over 90 percent for accuracy to over 40 percent for cycle time and contract administration expenses, according to client work. Thus, our zero-knowledge privacy technology has industrialized this capability, which enables us to achieve these benefits at a lower cost. Public digital ledgers provide many-to-many integrations on an open platform, with no firm having the overbearing influence of owning the network, and are cost-effective and scalable. Paul Brody, Ernst & Young Global Blockchain Leader.
The concept of how may change enterprise, according to Paul Brody, is persuasive. Paul Brody describes the zero-knowledge privacy technology with a public digital ledger as a way to accomplish multiple goals simultaneously.
Ernst & Young is still a corporate blockchain leader. Since 2019, the company has launched digital ledger enterprise solutions with ConsenSys, Polygon, and Microsoft.
This newer OpsChain Contrant Management system is a step ahead of blockchain development. As the enterprise blockchain footprint increases, more companies will see the potential of blockchain, in particular, the creation of a new paradigm of blockchain technology.
This report was first published on EY’s Press Release Blog