Ernst & Young Introduces Enterprise Contract Management Service Utilizing Blockchain Technology
Ernst & Young (EY), a prominent accounting firm, has made a significant move in the world of blockchain technology with the introduction of their new enterprise contract management service, OpsChain Contract Manager. This service utilizes blockchain technology to allow clients to place contracts on a public blockchain while maintaining the confidentiality of business information through zero-knowledge circuits.
OpsChain Contract Manager is marketed as operating on Ethereum but utilizes Polygon’s proof-of-stake (PoS) blockchain. According to Paul Brody, who leads EY’s blockchain efforts, the distinction is crucial as EY plans to eventually transition the underlying technology to Ethereum’s mainnet and further to layer 3 in an upcoming upgrade.
While Polygon’s network offers lower transaction costs, attracting EY’s industrial clients, Brody emphasizes that the future of blockchain for business lies in public blockchains like Ethereum. He criticizes private blockchains for their lack of true privacy, noting that all participants can still view all transactions, potentially exposing sensitive business data.
EY has also developed Starlight, a zero-knowledge compiler that enhances privacy for existing smart contracts using hashing techniques. This approach allows businesses to manage contracts more securely and transparently, leveraging the infrastructure on public blockchains to reduce deployment costs.
The concept of utilizing blockchain technology for business purposes is not new, with organizations like the Distributed Ledger Group exploring how businesses could benefit from distributed ledger technology in the early days of Bitcoin and blockchain development. However, EY’s innovative approach with OpsChain Contract Manager and Starlight demonstrates their commitment to advancing the use of blockchain technology in the business world.
As EY continues to push the boundaries of blockchain technology, it will be interesting to see how their new enterprise contract management service revolutionizes the way businesses handle contracts and sensitive information in the digital age.