EY Introduces Ethereum-Powered Blockchain Tool for Streamlining Business Contracts

Introduction

Accounting firm EY recently announced the launch of an Ethereum-based blockchain solution called EY OpsChain Contract Manager (OCM). This innovative solution aims to revolutionize how businesses execute complex agreements, reduce costs, and enhance security.

Key Features of EY OpsChain Contract Manager (OCM)

• Designed to manage business agreements spanning internal and external operational and technology silos
• Enables multiple parties to synchronize data among various business partners
• Enforces critical terms through smart contracts, including standardized pricing, volume discounts, rebates, and strike prices

Market Projection

EY referenced data from Zion Market Research, projecting that the global smart contracts market is expected to reach $1 billion by 2030 with a compound annual growth rate (CAGR) of around 24% between 2023 and 2030.

Operational Efficiency

EY OCM operates on the Ethereum blockchain, ensuring decentralized operations within a reliable environment. This deployment on a public blockchain enhances scalability and enables many-to-many integrations on an open platform.

Automated Policy Enforcement

EY OCM facilitates automated policy enforcement through an API, allowing firms to manage smart contract providers efficiently. It also offers personalized user interfaces for configuring standard pre-built contracting models, such as Power Purchase Agreements for renewables.

Validation and Monitoring

The tool can automatically validate contract terms in real-time and monitor policy adherence. Users are promptly notified of any discrepancies, preventing non-compliant transactions from proceeding and ensuring a level playing field for all parties involved.

EY’s Blockchain Initiatives

This latest blockchain solution adds to EY’s expanding footprint in the blockchain space. In previous initiatives, EY introduced solutions to enhance transparency for governments and collaborated on the development of the Baseline protocol with ConsenSys and Microsoft.