EY, one of the world's leading professional services organizations, has announced a new solution aimed at revolutionizing companies' contract management processes. The announcement was made during the annual EY Global Blockchain Summit, where the company unveiled EY OpsChain Contract Manager (OCM), an innovative blockchain-enabled platform designed to streamline and enhance contract enforcement. ) was announced.
EY OCM solutions address a common challenge faced by enterprises: managing complex business contracts across various internal and external operational and technology silos. By leveraging blockchain technology, EY OCM seamlessly synchronizes data across business partners and ensures consistent application of key business terms such as standardized pricing, volume discounts, rebates, and strike prices. Masu.
Paul Brody, EY Global Blockchain Leader, emphasized the importance of new solutions, saying: “From past client work, we have found that contract automation can reduce cycle time by over 90% and improve accuracy while nearly reducing overall contract management costs.” 40%. Our zero-knowledge privacy technology industrializes this capability, allowing you to reap these benefits at a fraction of the initial cost. ”
EY OCM runs on the Ethereum public blockchain, providing decentralized operations within a trusted environment. The goal of this approach is to eliminate the need for expensive private networks and reduce the risks associated with sharing sensitive business information through a centralized portal. Additionally, the system ensures corporate privacy through the use of zero-knowledge circuits.
One of the key benefits of EY OCM is its compatibility with existing enterprise systems through standardized APIs. The solution supports a variety of business contract types, including bulk purchase agreements, standardized rate schedules, volume discounts, rebates, and pricing models driven by market data feeds.
Early adopters of the EY OCM solution are already seeing its transformative capabilities. Initial test users are implementing complex power purchase agreements (PPAs) that incorporate market prices and strike prices with minimum and maximum purchase criteria.
The EY OCM announcement comes amid forecasts for significant growth in the global smart contract market. According to Zion Market Research, the market is expected to reach an estimated USD 1 billion by 2030, with a compound annual growth rate (CAGR) of approximately 24% from 2023 to 2030.
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