Ernst & Young, one of the Big Four accounting companies, has launched a new tool called EY OpsChain Contract Manager (OCM) that utilizes Ethereum technology. This application is intended to help private enterprises manage difficult contracts more efficiently.
OCM can be used on a variety of contracts, including purchase agreements, rate cards, discounts, rebates, and more. Unlike a private network, Ethereum’s public blockchain prevents any party from getting undue benefits while also protecting vital company data from leakage.
EY intends to assure confidentiality and fairness in contract execution by using Ethereum’s blockchain.
According to Paul Brody, EY’s Global Blockchain Leader, previous client experiences indicated that OCM may possibly reduce contract cycle times by 90% and administrative expenses by 40%.
EY developed OCM after realizing the need to improve contract accuracy while decreasing administrative time and expenses.
To summarize, EY’s Ethereum-based solution provides private enterprises with a secure, efficient, and cost-effective means to manage complicated contracts, which benefits both parties.
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