One of the four big accounting firms, EY has launched OpsChain Supply Chain Manager, a supply chain tracking service. The product has been launched on Nightfall, which is a Layer 2 Ethereum blockchain co-developed by EY and Polygon.
The beta version of Nightfall was released today. OpsChain Supply Chain Manager is the first application on Nightfall which will help businesses track their supply chains.
James Canterbury, principal and blockchain leader at EY said, “Managing complex operations across enterprise boundaries is a big step forward. EY OpsChain Supply Chain Manager significantly widens the breadth of use cases available for clients to consider.”
OpsChain will allow organisations to create fungible and non-fungible tokens on Nightfall, which will represent asset and inventory within companies. These tokens can be traced on the Nightfall blockchain.
OpsChain users will get access to faster, cheaper data and transactions since they are taking place on a layer above Ethereum.
OpsChain will also use the zero-knowledge (ZK)-proofs of Nightfall. This technology helps to ensure privacy by cryptographically hiding the real transaction data.
This privacy feature of the OpsChain allows it to preserve sensitive data and hence, makes it a perfect on-chain product for the supply chain software market.