EY launches Ethereum-based blockchain solution to streamline business contracts
Accounting firm EY has launched an Ethereum-based blockchain solution to help businesses execute complex agreements efficiently while cutting costs and bolstering security.
On April 17, EY announced the launch of the EY OpsChain Contract Manager (OCM), a blockchain-enabled solution designed to overcome barriers like managing multiple business agreements across internal and external operational and technology silos.
The blockchain solution also allows multiple parties to synchronize data among business partners. It also uses smart contracts to enforce key agreements such as standardized pricing, volume discounts, rebates, and strike prices.
The Big Four firm cited statistics from Zion Market Research, which projects that the global smart contracts market will reach $1 billion by 2030. The compound annual growth rate (CAGR) is expected to be around 24% between 2023 and 2030.
EY OCM, which debuted at the annual EY Global Blockchain Summit, runs on the Ethereum blockchain. This ensures that it operates in a decentralized manner within a stable environment.
“Deploying on a public blockchain is not only cheaper, but also much more scalable, helping enable many-to-many integrations on an open platform with no one company having an unfair advantage by controlling the network.”
Paul Brody, EY global blockchain leader
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