EY launches contract management solution OCM on Ethereum

According to official news, Ernst & Young (EY), one of the Big Four accounting firms, announced the launch of EY OpsChain Contract Manager (OCM). OCM is a blockchain-based contract management solution that leverages the security and accessibility of the Ethereum public chain to achieve data privacy through zero-knowledge proof (ZKP) technology, enhance contract integrity and reduce value leakage. One of the main advantages of Ernst & Young OCM is its compatibility with existing enterprise systems through standardized APIs. EY OCM supports the execution of complex commercial agreements, maintains privacy, improves time efficiency, and achieves cost reduction by automatically complying with agreed terms. EY OCM synchronizes business agreement data across internal and external operations and technical isolation, and uniformly executes key commercial terms such as standardized pricing, quantity discounts and rebates.