EY has ushered in a new era of contract management with the introduction of OpsChain Contract Manager (OCM). Using Ethereum’s blockchain technology and zero-knowledge proofs, this platform aims to revolutionize how contracts are handled by businesses.
OCM seeks to streamline the often complex and costly process of contract agreement. This is done by improving cost-efficiency, proficiency, and privacy, all which can be significant hurdles for companies to overcome. Its purpose is to transform business contract management in this digital age.
By using a public blockchain, OCM allows businesses to securely and privately manage contracts. The zero-knowledge proofs, a defining feature of the platform, enables the validation of transactions without exposing any additional data. This ensures the security of contract data, aiding in operational speed, and cutting costs.
Not only is OCM fast and secure, but it can also significantly reduce overhead costs.
EY’s blockchain-based contract management introduction
In fact, based on client discussions, it has been suggested that OCM could potentially lower administrative costs by 90%, and processing times by 40%. This highlights the far-reaching benefits of the platform.
Furthermore, the OCM structure, known as Nightfall, was initially tested on Ethereum. EY plans to enhance its capabilities by potentially moving Nightfall to Ethereum’s mainnet and initiating a Layer-3 expansion. This suggests a significant increase in functionality and scalability.
With the launch of OCM, EY confirms its dedication to improving business contract management. Not only does this point to greater transparency and efficiency, but it also indicates an increasing acceptance of blockchain technology among leading financial institutions.
EY’s commitment to blockchain technology is highlighted by their past initiatives, such as a partnership with Canadian Blood Services and a collaboration with Polygon. They continue to harness this technology to optimize operational processes, as seen in their use of blockchain for audit data verification and the creation of secure blockchain transactions through their ‘Nightfall’ project.
With their notable involvement in the blockchain domain, EY is indeed pioneering a new approach to business contract management, indicating a promising future for blockchain technology in various industries.
