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Leading accounting firm adopts Ethereum for blockchain business contracts.

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Top 4 Accounting Firm Turns to Ethereum for Blockchain-Based Business Contracts

TLDR: Top 4 accounting firm Ernst & Young (EY) introduces OpsChain Contract Manager (OCM) to manage enterprise contracts via blockchain technology on Ethereum’s mainnet. OCM ensures secure handling of contracts with zero-knowledge proofs, improved efficiency, and reduced costs.

  • Ernst & Young (EY) unveiled OpsChain Contract Manager (OCM) for managing enterprise contracts using blockchain technology.
  • OCM is designed to ensure privacy and security through zero-knowledge proofs on a public blockchain.

Big Four accounting firm EY has launched OpsChain Contract Manager (OCM) to manage complex, multi-party business agreements utilizing blockchain technology. OCM is currently running on the Polygon PoS blockchain and will transition to Ethereum’s mainnet in the future. The tool integrates with existing enterprise systems through a standardized API and supports various contract types, improving efficiency, and reducing costs.

OCM is designed to ensure the secure handling of business contracts on a public blockchain, utilizing zero-knowledge proofs for contract integrity and confidentiality. It also aids in contract automation to reduce cycle times and administration costs. Deploying on a public blockchain prevents any single party from controlling the network, offering scalability and neutrality benefits.

EY’s move towards blockchain technology follows industry trends, with major financial players like BlackRock also engaging with blockchain. OCM aims to streamline contract management for enterprises, enhancing efficiency and transparency. This initiative positions EY as a pioneer in integrating blockchain into conventional business practices, setting an industry benchmark for blockchain technology adoption.



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