Ernst & Young (EY) has launched a blockchain-based tool, the EY OpsChain Contract Manager (OCM), to enhance the management of complex business contracts for private enterprises.
The service, introduced Wednesday during the EY Global Blockchain Summit, utilizes zero-knowledge proofs on the Ethereum network to maintain contract confidentiality while improving efficiency. The OCM is expected to cut administrative costs and shorten business cycle times, representing a significant step in incorporating blockchain into standard business operations.
The OCM platform is operational on the Polygon proof-of-stake blockchain and is set to transition to the Ethereum mainnet, capitalizing on Polygon’s lower transaction fees while preparing for Ethereum’s expansive network. The platform supports various contract types and integrateswith enterprise systems via a standardized API.
“We’ve identified from past client work that contract automation can improve accuracy while cutting cycle times by more than 90%, and overall contract administration costs by nearly 40%, Paul Brody, EY’s blockchain leader, said in a press release.
“With our zero-knowledge privacy technology, we have industrialized this capability, and we can now get these benefits at a fraction of the up-front cost.”The development of the OCM follows its earlier project, Nightfall, which focused on private transactions on Ethereum.
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