Bittime - Ernst & Young (EY), a Big Four accounting firm, is adopting Ethereum blockchain to automate contracts using zero-knowledge proof (ZK). The choice of Ethereum was made for reasons of cost, better privacy, and to prevent unfairness in profits between the parties involved.
Ethereum Based Solutions for Complex Business Contracts
EY OpsChain Contract Manager (OCM) is a solution designed to assist private businesses in the execution of complex business contracts. This solution offers advantages in terms of time, security and cost efficiency. Some types of contracts that can be automated through OCM include purchase agreements, volume discounts, and strike prices.
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Choice of Ethereum as a Public Blockchain
EY chose Ethereum as a public blockchain rather than a private network for reasons of fairness between the parties involved and to reduce the risk of sensitive information being leaked. Through ZK technology, they can improve the accuracy of contract terms while significantly reducing administration costs.
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Benefits and Improvements Through OCM
EY claims that through OCM, businesses can reduce administration costs by up to 90% and cycle time by up to 40%. Paul Brody, EY Global Blockchain Leader, explains that this solution provides significant benefits at a reduced cost through zero-knowledge privacy technology.
Development of Blockchain Technology in the TradFi Industry
According to Celisa Morin, a former Grayscale executive, TradFi (Traditional Finance) institutions are increasingly choosing public blockchains like Ethereum over private blockchains. This reflects the shifting trend towards more open and transparent technology in the financial industry.
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EY Investment and Innovation in AI and Blockchain Technology
In addition to blockchain solutions, EY is also investing significantly in the field of AI technology. They launched the EY.ai platform with the aim of helping companies adopt artificial intelligence (AI) through an advanced language model, EY AI EYQ.
With these initiatives, EY is demonstrating its commitment to integrating blockchain technology and artificial intelligence in its services, creating efficient, transparent and innovative solutions for businesses and the industry as a whole.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Ethereum (ETH) Prediction 2024? Up or Down?
Ethereum: Towards a New Future with Layer-2 and Ethereum 2.0
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. 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 fluctuations in crypto asset exchange rates.
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