By George Ward
EY Launches Ethereum-Built Blockchain Solution
EY, a leading accounting firm, has unveiled its latest innovation — a blockchain technology solution aimed at revolutionizing how businesses execute complex agreements. The launch marks a significant step forward in enhancing efficiency, reducing costs, and bolstering security in contract management.
The newly introduced solution, known as EY OpsChain Contract Manager (OCM), harnesses the power of the Ethereum blockchain to overcome common barriers faced by organizations. Such barriers include managing multiple business agreements across various operational and technological silos.
With the help of smart contracts, OCM enables the enforcement of key agreements such as standardized pricing, rebates, volume discounts, and strike prices, thereby streamlining the contracting process. One of the key features of EY OCM is its ability to facilitate synchronized data exchange among multiple parties, ensuring transparency and integrity throughout the contract lifecycle.
This decentralized approach enhances scalability and promotes fairness by preventing any single entity from having undue control over the network.
EY’s Continued Leadership in Blockchain Innovation
Paul Brody, EY’s head of blockchain operations worldwide, stated that the advantages of deploying this solution on a public blockchain are its low cost and scalability, enabling seamless integrations across multiple stakeholders. This approach, he noted, ensures a level playing field for all participants while fostering innovation and collaboration.
EY OCM utilizes an API to manage smart contract providers, allowing organizations to create personalized user interfaces and configure standard pre-built contracting models tailored to their specific needs. Among the initial set of pre-built smart contracts offered by OCM are Power Purchase Agreements for renewable energy projects.
Moreover, this solution incorporates real-time validation checks to ensure contract terms compliance and policy adherence, thereby minimizing the risk of errors or discrepancies. Any transactions that fail to meet the specified requirements are promptly flagged, preventing disruptions and safeguarding the interests of all parties involved.
By automating contract validation and compliance processes, EY OCM aims to eliminate inefficiencies and reduce the high costs associated with manual contract management. Additionally, it addresses concerns surrounding the exchange of sensitive company information by providing a secure platform for conducting business transactions.
This latest development spotlights EY’s ongoing commitment to driving innovation in the blockchain sector. In October 2023, the firm introduced the fourth generation of its blockchain analytics tool, aimed at assisting organizations like Fidelity in enhancing internal risk management for digital assets.
Binance And Coinbase Embrace Omni Network
Meanwhile, Binance and Coinbase, two prominent names in the cryptocurrency exchange realm, have announced their support for the Omni Network (OMNI), a fresh Ethereum-built altcoin project. The Omni Network aims to integrate Ethereum’s rollup ecosystem into a cohesive and efficient network. Meanwhile, Binance disclosed that it has plans to incorporate OMNI into its Binance Launchpool.
Developers behind the OMNI project brand it as an Ethereum-native interoperability protocol. By facilitating low-latency communications between all Ethereum rollups, OMNI aspires to establish a secure, high-performing, and globally compatible architecture. Its overarching aim is to present Ethereum as a singular, unified operating system for users and developers.