EY Launches Ethereum-Based OpsChain Contract Manager for Business Contracts

Discover the cutting-edge solution from Ernst & Young (EY) that is set to revolutionize how private businesses manage intricate business agreements with unparalleled efficiency and confidentiality. Introducing OpsChain Contract Manager (OCM), an Ethereum-based platform leveraging zero-knowledge proofs technology.

Unlocking the Power of OpsChain Contract Manager

EY, a pioneer among the “big four” accounting firms, has unveiled OpsChain Contract Manager (OCM) to support secure private business agreements on the public Ethereum blockchain. By harnessing the power of zero-knowledge proofs, OCM ensures contract integrity, confidentiality, and cost-effectiveness, setting a new standard for streamlined contract management.

OCM seamlessly integrates with existing enterprise systems through a standardized API and caters to various contract types, including volume purchase agreements and pricing models linked to market data feeds.

Driven by the need to enhance contract accuracy and efficiency, EY’s development of OCM marks a significant milestone in the blockchain space. By choosing Ethereum’s public blockchain over a private network, EY ensures transparency and security while revolutionizing the contract management landscape.

Paul Brody, EY Global Blockchain Leader, emphasized the technology behind OCM and its upcoming transition to Ethereum’s mainnet, promising enhanced scalability and performance with a potential Layer-3 upgrade.

EY’s Forward-Thinking Approach to Blockchain

EY’s foray into blockchain technology with OpsChain Contract Manager showcases its commitment to driving innovation in contract management for enterprises. By integrating blockchain solutions into traditional business practices, EY sets a precedent for industry transformation and efficiency.

This latest development builds on EY’s extensive engagement with the blockchain sector, from groundbreaking collaborations in healthcare to cutting-edge analytics tools like Reconciler. EY’s collaboration with Polygon further solidifies its position as a leader in the blockchain space, paving the way for enhanced blockchain adoption in routine operations.