EY Unveils Revolutionary Blockchain Solution for Contract Management
EY, a global professional services organization, has introduced a groundbreaking solution aimed at transforming contract management processes for enterprises. The unveiling of EY OpsChain Contract Manager (OCM) took place during the annual EY Global Blockchain Summit, where the company showcased the innovative platform designed to streamline and enhance contract execution.
The EY OCM solution addresses a common challenge faced by businesses – managing complex agreements across different operational and technology silos. By harnessing the power of blockchain technology, EY OCM facilitates seamless data synchronization among business partners and ensures consistent enforcement of key terms such as pricing, discounts, rebates, and strike prices.
Paul Brody, EY Global Blockchain Leader, highlighted the significance of the new solution, stating, “Contract automation can significantly improve accuracy and reduce cycle times by over 90%, along with cutting contract administration costs by nearly 40%. With our zero-knowledge privacy technology, we have industrialized this capability, providing these benefits at a fraction of the upfront cost.”
Operating on the Ethereum public blockchain, EY OCM offers decentralized operation within a secure environment, eliminating the need for costly private networks and reducing risks associated with sharing sensitive business information. The system also ensures enterprise privacy through the use of Zero Knowledge Circuits.
One of the key advantages of EY OCM is its compatibility with existing enterprise systems through a standardized API. The solution supports various contract types, including volume purchase agreements, rate cards, discounts, rebates, and price models based on market data feeds.
Early adopters of the EY OCM solution are already experiencing its transformative capabilities. The first test users are utilizing the platform for complex Power Purchasing Agreements (PPAs), incorporating market prices and strike prices with specific purchase criteria.
The introduction of EY OCM comes at a time of projected growth in the global smart contracts market. According to Zion Market Research, the market is expected to reach a value of US $1 billion by 2030, with a compound annual growth rate of approximately 24% between 2023 and 2030.
With the unveiling of EY OpsChain Contract Manager, EY continues to lead the way in revolutionizing contract management processes for enterprises, setting a new standard for efficiency and transparency in the industry.
