During the yearly Global Blockchain Summit, EY presented its current innovation, the EY OpsChain Contract Manager (OCM). This cutting-edge system applies blockchain technology to revolutionize the way agreements are concluded. It assures privacy, increases efficiency, and reduces costs while obviously ensuring terms are followed.
EY OCM is a solution designed to resolve intricate problems related to managing complicated business contracts that relate to numerous departments inside and outside the organization regarding operations and technology. This platform empowers enterprises with an efficient means to distribute information and enforce necessary terms of engagement, including price consistency, volume rebates, discounts, and minimum prices.
A tremendous number of business enterprises face the problem of inadequate exploration of their business deals, mostly because they lack internal profit control. This situation ensues when the requirements for obtaining discounts and refunds can’t be reviewed properly. Nevertheless, the EY OCM applies intelligent contracts to aggregate consumption data from multiple systems, plus collaboration with external vendors, using a unified approach that results in the accurate execution of the contract terms.
This latest innovation is, therefore, significant as the global market for smart contracts is expected to record major expansion. According to a study done by Zion Market Research, this niche is estimated to reach a high of a billion dollars by 2030, with a predicted annual growth rate above 24% from 2023 to 2030.
EY-OCM focuses on the Ethereum public blockchain to decentralize and ensure maximum trust. Such an environment not only evens the situation but also excludes the unnecessary cost of maintaining a private network or the frequent data leakages from centralized industry portals. The system allows enterprise privacy with zero-knowledge proofs provided by advanced zero-knowledge circuits.
The solution is created specialized to integrate into current enterprise systems using a standardized API. It ensures this is a seamless and practical integration. It achieves this by supporting supply chain agreements like standard rate cards, volume purchase agreements, and sophisticated pricing models that depend on market data. EY OCM has carried out the pilot testing of PPAs with complex characteristics, like market prices and precise purchasing criteria.
Paul Brody, EY’s global Blockchain leader, commented on using smart contracts, highlighting that automation can substantially improve efficiency and reduce cost. In recent human-to-human contacts, we’ve learned that contract automation can slow the cycle time by more than 90% and trim the contract administration cost by almost 40%.
Thanks to our zero-knowledge privacy technology, we are not limited to geographical location only but can serve these needs all over the country at an affordable price. Operating on top of a public blockchain significantly reduces costs and allows many integrations on an open platform, which a particular company does not take over.
The launch of the EY OCM followed EY’s debut in the blockchain technology niche. This contributes to their position as forerunners in this area because they provide cases of successful implementation that solve modern business challenges and change how contracts are executed digitally.
Source: https://www.cryptonewsz.com/ey-unveils-opschain-for-secure-deals-on-ethereum/