EY Launches Ethereum-Based Blockchain Solution for Business Agreements
EY Launches Ethereum-Based Blockchain Solution to Streamline Business Agreements
Accounting firm EY made waves in the blockchain world with the launch of their new Ethereum-based blockchain solution, EY OpsChain Contract Manager (OCM). This innovative tool is designed to help businesses execute complex agreements, reduce costs, and maintain security in an increasingly digital world.
The EY OCM aims to tackle the challenges of managing business agreements that span internal and external operational and technology silos. By enabling multiple parties to synchronize data among various business partners and enforcing critical terms through smart contracts, such as standardized pricing and volume discounts, EY is revolutionizing the way businesses handle their agreements.
According to data from Zion Market Research, the global smart contracts market is projected to reach $1 billion by 2030, with a compound annual growth rate of around 24% between 2023 and 2030. EY’s decision to launch the OCM on the Ethereum blockchain ensures decentralized operation within a reliable environment, making it both cost-effective and scalable.
Paul Brody, EY’s global blockchain leader, emphasized the benefits of deploying on a public blockchain, stating that it allows for many-to-many integrations on an open platform without any one company having an unfair advantage by controlling the network.
The EY OCM operates through an API, making it easy for firms to manage smart contract providers and establish personalized user interfaces. The tool also has the capability to automatically validate contract terms, monitor policy adherence, and notify users of any discrepancies in real-time, preventing non-compliant transactions from proceeding.
This latest blockchain solution from EY is just one example of the firm’s commitment to leveraging blockchain technology for the benefit of businesses. From assisting governments in enhancing transparency to collaborating with industry leaders like ConsenSys and Microsoft on the Baseline protocol, EY continues to expand its blockchain footprint and drive innovation in the digital space.
