Ernst & Young Launches Ethereum-Based Contract Management Solution

According to CryptoPotato, Ernst & Young (EY) has introduced OpsChain Contract Manager (OCM), an Ethereum-based solution that utilizes zero-knowledge proofs technology. The solution aims to assist private businesses in managing and executing complex business agreements while ensuring confidentiality, timeliness, and cost-effectiveness. EY, one of the 'big four' accounting firms, has been investigating the business applications of zero-knowledge proofs since 2018. OCM is designed to securely manage business contracts on a public blockchain. By using zero-knowledge proofs, OCM maintains contract integrity and confidentiality while improving efficiency and reducing costs. The platform integrates with existing enterprise systems through a standardized API and supports various contract types, including volume purchase agreements and pricing models linked to market data feeds. The development of OCM was influenced by EY's previous client engagements, where it found that contract term accuracy could be improved while significantly reducing cycle times and administrative costs by approximately 90% and 40%, respectively. EY chose Ethereum, a public blockchain, over a private network to prevent any party from gaining an unfair advantage while minimizing the risk of sensitive business information leakage. Paul Brody, EY Global Blockchain Leader, noted that the technology behind OCM, Nightfall, initially emerged on Ethereum and underwent testing on its test network. The upcoming update will transition Nightfall to Ethereum’s mainnet and may incorporate a Layer-3 upgrade to enhance scalability and functionality. EY's launch of OpsChain Contract Manager comes amid increasing blockchain adoption by major financial players. EY's OCM reflects its commitment to revolutionizing how enterprises handle contracts, focusing on enhancing process efficiency and transparency through blockchain solutions. By integrating blockchain into traditional business practices, EY sets a precedent for the industry’s progression toward embracing this transformative technology in routine operations. This latest development builds upon EY’s ongoing engagement with the blockchain sector. EY recently made headlines with a 'healthcare breakthrough' by leveraging blockchain technology in collaboration with Canadian Blood Services. In October 2023, EY unveiled the fourth generation of its EY blockchain analytics tool, Reconciler, designed to aid Fidelity in enhancing internal risk management for digital assets. In September 2021, EY also announced its collaboration with Polygon to integrate Polygon’s solutions with EY’s flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.