Huge 4 accounting agency Ernst & Younger (EY) has launched an Ethereum (ETH)-based answer to automate contract administration and stop non-compliant transactions and errors.
In an announcement, the agency says the EY OpsChain Contract Supervisor (OCM) runs on the Ethereum public blockchain to facilitate the execution of complicated and multi-party enterprise agreements.
The contract supervisor helps most enterprise contract sorts, together with quantity buy agreements, standardized charge playing cards, quantity reductions, rebates and worth fashions which can be depending on market information feeds.
“EY OCM helps deal with the enterprise problem of managing enterprise agreements that run throughout inner and exterior operational and expertise siloes.
EY OCM synchronizes information throughout enterprise companions and uniformly enforces key enterprise phrases akin to standardized pricing, quantity reductions, rebates and strike costs.”
Ernst & Younger says EY OCM makes use of zero-knowledge proofs (ZKPs) to make sure that important info, akin to contract phrases and transaction particulars, stays confidential. ZKPs are protocols that confirm the validity of transactions with out disclosing the underlying info.
Says Paul Brody, EY International Blockchain Chief,
“We’ve recognized from previous shopper work that contract automation can enhance accuracy whereas reducing cycle instances by greater than 90%, and total contract administration prices by almost 40%.
With our zero-knowledge privateness expertise, we’ve industrialized this functionality, and we will now get these advantages at a fraction of the up-front value.”
The agency launched the contract supervisor through the 2024 EY International Blockchain Summit in London final week.
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