Ernst & Young (EY) has launched OpsChain Contract Manager (OCM), an Ethereum solution powered by zero-knowledge proof technology.
The solution helps private companies efficiently manage and execute complex business contracts while ensuring confidentiality, timeliness, and cost-effectiveness.
EY launches OpsChain Contract Manager
EY, one of the “big four” accounting firms along with Deloitte, KPMG, and PwC, has been exploring business applications for zero-knowledge proofs (zk-proofs) since at least 2018.
OpsChain Contract Manager (OCM) is tailored to facilitate secure management of business contracts on public blockchains. OCM leverages zero-knowledge proofs to increase efficiency and reduce costs while ensuring contract integrity and confidentiality.
The platform integrates with existing enterprise systems through standardized APIs and supports a variety of contract types, including bulk purchase agreements and pricing models linked to market data feeds.
The development of OCM grew out of EY's previous work with clients. There, he realized that contract duration accuracy could be increased while significantly reducing cycle time and administrative costs by approximately 90% and 40%, respectively.
Meanwhile, EY chose Ethereum, a public blockchain rather than a private network, to reduce the risk of sensitive business information leaks while preventing parties from gaining an unfair advantage.
Paul Brody, EY Global Blockchain Leader highlighted Nightfall, the technology behind OCM, first emerged on Ethereum and underwent testing on its test network. Future updates will move Nightfall to Ethereum mainnet and may include layer 3 upgrades to increase scalability and functionality.
EY’s blockchain initiatives
The launch of EY’s OpsChain Contract Manager comes amid increased adoption of blockchain by leading financial institutions. BlackRock also recently entered this space with a tokenized fund on Ethereum.
EY's OCM reflects the company's commitment to revolutionizing the way companies process contracts, with a focus on increasing process efficiency and transparency through blockchain solutions. By integrating blockchain into traditional business practices, EY is setting a precedent for the industry's advancement in bringing this innovative technology into everyday operations.
This latest development builds on EY's continued commitment to the blockchain space. EY recently made headlines for collaborating with Canadian Blood Services to leverage blockchain technology to “breakthrough in healthcare.”
In October 2023, EY announced Reconciler, the fourth generation of EY blockchain analytics tools designed to help Fidelity strengthen its internal risk management of digital assets.
In September 2021, EY also announced a partnership with Polygon to integrate Polygon's solutions with EY's flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.
