EY has launched OpsChain Contract Manager (OCM) to revolutionize contract management using Ethereum’s blockchain technology and zero-knowledge proofs, aiming to enhance efficiency, proficiency, and privacy for businesses.
OCM simplifies the complex and costly contract agreement process, improving cost-effectiveness and privacy, key challenges for companies in contract management in the digital age.
By leveraging a public blockchain, OCM enables secure and private contract management, with zero-knowledge proofs validating transactions without exposing additional data, enhancing security, operational speed, and cost savings.
Not only is OCM fast and secure, but it also significantly reduces overhead costs.
EY’s Groundbreaking Blockchain-Based Contract Management Solution
OCM has the potential to reduce administrative costs by 90% and processing times by 40%, showcasing its extensive benefits based on client feedback.
The OCM architecture, Nightfall, was originally trialed on Ethereum, with plans to enhance its capabilities by migrating to Ethereum’s mainnet and implementing a Layer-3 expansion for improved functionality and scalability.
By introducing OCM, EY reaffirms its commitment to enhancing business contract management, promoting transparency, efficiency, and blockchain technology adoption within financial institutions.
EY’s dedication to blockchain is demonstrated through partnerships with organizations like Canadian Blood Services and collaborations with projects like Polygon, utilizing blockchain for audit data verification and secure transactions through the Nightfall initiative.
With a significant presence in the blockchain sector, EY is at the forefront of innovating business contract management, signaling a promising future for blockchain technology across various industries.
