Bittime - Accounting firm Ernst & Young (EY) recently announced the launch of an blockchain aimed at helping businesses execute complex agreements, reduce costs and increase security. This is what EY calls OpsChain Contract Manager (OCM), an innovation that could be a game changer in business contract management.
Benefits of EY OpsChain Contract Manager (OCM)
EY OpsChain Contract Manager (OCM) is designed to address the challenges of managing business agreements involving multiple operational and technology silos.
By using smart contracts on the Ethereum blockchain, OCM facilitates data synchronization among multiple business parties, including standard pricing, volume discounts, rebates, and other pricing terms.
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Global Smart Contract Market Growth
Data from Zion Market Research shows a projected global smart contracts market reaching $1 billion by 2030, with a compound annual growth rate (CAGR) expected to reach around 24% between 2023 and 2030. The launch of EY OCM is expected to contribute significantly to the growth of the sector.
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Decentralized Operations with the Ethereum Blockchain
EY OCM operates on the Ethereum blockchain, ensuring its operations are decentralized and reliable. Paul Brody, EY's global blockchain lead, explains that deployment on public blockchains is not only cheaper but also more scalable, enabling many-to-many integration on an open platform without anyone gaining an unfair advantage.
Smart Contract Provider Management with EY OCM
Through APIs, EY OCM facilitates the management of smart contract providers and enables the configuration of standard contract models with a personalized user interface. With this feature, companies can efficiently enforce automated policies, validate contract terms in real time, and monitor policy compliance.
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EY Blockchain Development Footprint
Previous EY blockchain initiatives include solutions for governments to increase transparency and accountability, as well as the Baseline protocol designed for enterprises. The use of EY's flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer, demonstrates EY's continued commitment to blockchain technology to improve business efficiency and security.
Also read: Regulatory Overview of Ethereum ETF Proposals
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DISCLAIMER: This article is informative and does not constitute an offer or solicitation to sell or buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in crypto asset exchange rate fluctuations.
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