Ernst & Young, one of the Big Four accounting firms, has introduced a new tool called EY OpsChain Contract Manager (OCM) using Ethereum technology. This tool is designed to assist private businesses in handling complicated contracts more efficiently.
By utilizing Ethereum’s blockchain, EY aims to ensure confidentiality and fairness in contract execution.
OCM can be applied to various types of contracts, including purchase agreements, rate cards, discounts, rebates, and more. Unlike using a private network, Ethereum’s public blockchain prevents any party from gaining unfair advantages and safeguards sensitive business data from leaks.
EY developed OCM after recognizing the need to enhance contract accuracy while reducing the time and costs associated with administration.
According to Paul Brody, EY’s Global Blockchain Leader, past client experiences showed that OCM could potentially cut contract cycle times by 90% and administration costs by 40%.
In summary, EY’s Ethereum-based solution offers private businesses a secure, efficient, and cost-effective way to manage complex contracts, benefiting both parties involved.
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