The accounting firm EY launched a blockchain-based solution based on Ethereum to assist businesses in executing complex agreements while reducing costs and improving security.
EY announced The launch of EY OpsChain Contract Manager, a solution that is blockchain enabled and designed to eliminate barriers such as managing multiple agreements between internal and external operations and technology silos.
Blockchain technology also enables multiple business partners to sync data. Smart contracts are used to enforce agreements, such as standard pricing, volume discounts and rebates.
Zion Market Research estimates that smart contract sales will be $1 billion in the world by 2030. CAGR (compound annual growth) between 2023- 2030 is estimated to be approximately 24%.
EY OCM is a blockchain-based application that was launched at the EY Global Blockchain Summit. The Ethereum blockchain ensures it is a decentralized system that operates within a stable and secure environment.
“Deploying on a public blockchain is not only cheaper, but also much more scalable, helping enable many-to-many integrations on an open platform with no one company having an unfair advantage by controlling the network.”
Paul Brody, EY Global Blockchain Leader
EY OCM utilizes an API to manage smart contracts providers. The firms can create customized user interfaces as well as configure pre-built standard contracting model. Power Purchase Agreements (PPAs) for renewables are included in the initial pre-built model set.
EY also stated that its solution could automatically verify contract terms by using real-time checking. Also, it analyzes compliance with policies and immediately alerts users of any inconsistencies. Transactions which do not meet the requirements of the contract are therefore blocked.
The buyer and seller will not gain a competitive advantage. It also helps reduce costs for launching and maintaining a private network. This also helps to address the issue of sensitive business information being exchanged through a single industry portal.
This latest event is yet another example of EY’s involvement with the blockchain sector. EY announced EY has launched the latest version of its EY Blockchain Analytics tool.
EY stated that Reconciler would help. Fidelity In improving its internal management of digital assets.
EY said You could use Polygon EY OpsChain & EY Blockchain Analyzer are EY’s leading blockchain solutions.
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Source: crypto.news
