Ernst & Young Introduced New Solution Based on Ethereum

Consulting firm Ernst & Young introduced EY OpsChain Contract Manager (OCM), a solution that will facilitate the management of complex contracts for private commercial clients. The solution will allow businesses to execute their agreements on time, in a confidential and cost-effective manner. The solution was announced at the Ernst & Young Global Blockchain Summit on April 17th. Blockchain Technology Empowered Contract Management The firm offers a variety of contract types using Ethereum-based solutions, including procurement contracts, standard price lists, and discounts. It is noted that Ernst & Young opted for the Ethereum blockchain to prevent one party from gaining an advantage over the other and reduce the risk of leakage of business information. Ernst & Young Global Blockchain Leader Paul Brody mentioned that the accuracy of contract terms can be increased based on past customer studies, while reducing cycle times and management costs significantly. He emphasized the role of zero-knowledge […]

Ernst & Young Introduced New Solution Based on Ethereum

Consulting firm Ernst & Young introduced EY OpsChain Contract Manager (OCM), a solution that will facilitate the management of complex contracts for private commercial clients. The solution will allow businesses to execute their agreements on time, in a confidential and cost-effective manner. The solution was announced at the Ernst & Young Global Blockchain Summit on April 17th.

Blockchain Technology Empowered Contract Management

The firm offers a variety of contract types using Ethereum-based solutions, including procurement contracts, standard price lists, and discounts. It is noted that Ernst & Young opted for the Ethereum blockchain to prevent one party from gaining an advantage over the other and reduce the risk of leakage of business information.

Ernst & Young Global Blockchain Leader Paul Brody mentioned that the accuracy of contract terms can be increased based on past customer studies, while reducing cycle times and management costs significantly. He emphasized the role of zero-knowledge privacy technology in reducing costs in these processes.

Ernst & Young and Blockchain Technology

The accounting firm began collaborating with Polygon in 2021, as part of their enterprise blockchain product development process, contributing to the development of other Ethereum-based enterprise solutions. Ernst & Young’s investments in artificial intelligence technologies such as EY.ai are also drawing attention; the firm announced a $1.4 billion investment for its own artificial intelligence platform.

Beneficial Information

EY OpsChain Contract Manager is an Ethereum-based solution for managing business agreements.
It supports various types of contracts, such as procurement contracts and discounts.
Zero-knowledge technology is used as an effective tool to reduce costs and enhance privacy.
Ernst & Young makes substantial investments in artificial intelligence developments alongside blockchain technologies.

In short, Ernst & Young aims to facilitate and reduce costs of commercial contract management using blockchain and artificial intelligence technologies. These developments present significant opportunities, especially for firms dealing with complex business contract management.

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