EY launches Ethereum-based contract management solution

EY, one of the world’s leading professional services organizations, has unveiled a new solution to transform companies’ contract management processes. The announcement came at the annual EY Global Blockchain Summit, where EY introduced EY OpsChain Contract Manager (OCM), an innovative blockchain-enabled platform designed to streamline and enhance contract execution.

EY OCM solutions address common challenges facing businesses, including managing complex business contracts across multiple internal and external operational and technology silos. EY OCM leverages blockchain technology to seamlessly synchronize data across business partners and ensure consistent enforcement of key business terms such as standardized pricing, volume discounts, rebates and exercise pricing.

“Through our past client work, we have seen that contract automation can improve accuracy while reducing cycle times by more than 90% and nearly reducing overall contract management costs,” said Paul Brody, EY Global Blockchain Leader. The importance of new solutions was emphasized. 40%. We have industrialized this capability with zero-knowledge privacy technology, and now you can achieve these benefits at a fraction of the initial cost.”

EY OCM operates on the Ethereum public blockchain, providing decentralized operations within a trusted environment. This approach aims to eliminate the need for costly private networks and mitigate the risks associated with sharing sensitive business information through a centralized portal. Additionally, this system utilizes Zero Knowledge Circuits to ensure corporate privacy.

One of the key advantages of EY OCM is its compatibility with existing enterprise systems through standardized APIs. The solution supports a variety of business contract types, including volume purchase agreements, standardized rate cards, volume discounts, rebates, and pricing models based on market data feeds.

Early adopters of the EY OCM solution are already seeing its innovative capabilities. The first test user will implement a complex power purchase agreement (PPA) that integrates market price and strike price with minimum and maximum purchase criteria.

The unveiling of EY OCM comes amid expectations of significant growth in the global smart contracts market. According to Zion Market Research, the market is expected to reach an estimated value of USD 1 billion by 2030, at a compound annual growth rate (CAGR) of approximately 24% from 2023 to 2030.

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