Ernst & Young has introduced the EY OpsChain Contract Manager (OCM), an Ethereum-based solution leveraging zero-knowledge proofs. This innovation targets assisting private business clients in executing intricate contracts efficiently, confidentially, and cost-effectively.
The launch underscores EY's commitment to enhancing its clients' contract management processes.
EY OpsChain Contract Manager: Managing Diverse Contracts on Ethereum Blockchain
EY's Ethereum-based solution, the EY OpsChain Contract Manager (OCM), caters to various contract types, including purchase agreements, standardized rate cards, volume discounts, rebates, and strike prices.
Opting for Ethereum's public blockchain over a private network aims to mitigate the risk of strategic advantage among parties and minimize the exposure of sensitive business data, aligning with EY's commitment to confidentiality and fairness in contract management.
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EY developed the OCM solution based on insights gained from previous client engagements, recognizing the potential to enhance contract accuracy while significantly reducing cycle times and administration costs by approximately 90% and 40%, respectively.
According to Paul Brody, EY Global Blockchain Leader, leveraging zero-knowledge privacy technology has enabled the industrialization of this capability, offering these benefits at a fraction of the initial investment cost.
EY OpsChain Contract Manager (OCM) Unveiled: A Shift Towards Public Blockchains in TradFi
The EY OpsChain Contract Manager (OCM) solution was unveiled during the annual EY Global Blockchain Summit on April 17. According to Celisa Morin, a former Grayscale executive, traditional finance (TradFi) institutions have begun favoring public blockchains over private ones in recent months. She highlighted BlackRock's BUIDL initiative as a prime example of this shift.
The development of EY OpsChain Contract Manager (OCM) dates back to at least September 2021, when EY partnered with Polygon to build its blockchain enterprise product. Polygon's collaboration with EY also included the creation of Nightfall, an Ethereum-based enterprise solution for private transactions, in December 2021. Although Polygon's involvement was significant in the early stages, it was not mentioned in EY's latest product information sheet for OCM.
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EY's exploration of zero-knowledge proofs (ZK-proofs) began in April 2019, aiming to construct a blockchain-based platform for audit, tax, and transaction monitoring. Ethereum has consistently been EY's preferred blockchain platform for development.
Additionally, EY disclosed its investment of $1.4 billion in AI technologies for its EY.ai platform in late September. This initiative aims to assist companies in adopting artificial intelligence (AI) through the utilization of EY's in-house developed large language model, EY AI EYQ.
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