EY OpsChain Contract Manager (OCM) runs on the Ethereum public blockchain, enabling truly decentralized operation in a trust-worthy environment. EY OCM helps enterprises to execute complex business agreements, supporting confidentiality, helping improve time efficiency, and achieving cost reduction, with automatic adherence to the agreed terms.
Purpose and Features
Contract Management: EY OCM facilitates the fulfillment of complex, multi-party business agreements while ensuring confidentiality and adherence to agreed-upon terms.Data Synchronization: It synchronizes data across business partners, enabling uniform enforcement of key business terms such as standardized pricing, volume discounts, rebates, and strike prices.
Zero-Knowledge Proofs (ZKPs): To enhance contract integrity and mitigate value leakage, EY OCM utilizes public blockchain's security and accessibility with data privacy through ZKPs.
ZKPs allow parties to verify the accuracy of information without revealing the information itself. When parties interact with the contract, they can validate its integrity without exposing sensitive details.
This ensures that critical contract terms, transaction details, and value chain confidential information remain shielded, granting enhanced privacy.
Decentralized Operation: The solution runs on the Ethereum public blockchain, ensuring decentralized operation within a trustworthy environment.
API Integration: Enterprises can easily integrate EY OCM into existing systems through a standardized API.
Challenges Addressed by EY OCM
Multi-Party Contracts: EY OCM tackles the challenge of managing business agreements that span internal and external operational and technology silos.Value Fragmentation: By aggregating spend across systems and business partners, smart contracts prevent value fragmentation, making it easier to track and qualify for discounts and rebates.
Use Cases
Power Purchasing Agreements (PPAs): Initial test users are implementing complex PPAs that include market prices and strike prices with minimum and maximum purchase criteria.According to Zion Market Research, the global smart contracts market is projected to reach $1 billion by 2030, with a compound annual growth rate (CAGR) of approximately 24% between 2023 and 2030.
EY (Ernst & Young) is actively involved in developing various blockchain solutions to address business challenges and enhance efficiency. Some of the notable EY blockchain solutions include — EY Blockchain Analyzer (Smart Contract/ Token Review and Tax Calculator), EY OpsChain Traceability (for traceability and transparency across supply chains by leveraging notarization and tokenization), EY OpsChain Public Finance Manager, and EY Blockchain Analyzer: Reconcile.
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