Ernst & Young (EY), one of the “big four” accounting firms, has launched an Ethereum-based solution called OpsChain Contract Manager (OCM). This solution will help private businesses effectively manage and implement complex business deals using zero-knowledge proofs technology.

OCM was designed to facilitate the secure management of employment contracts. By using zero-knowledge proofs, OCM increases efficiency and reduces costs while ensuring contract integrity and confidentiality.

EY chose Ethereum as a public blockchain rather than a private network to prevent any party from gaining unfair advantage and reduce the risk of sensitive business information being leaked.

The launch of EY's OpsChain Contract Manager comes amid increasing blockchain adoption by major financial players. EY's commitment to OCM focuses on revolutionizing how businesses handle contracts, increasing process efficiency and transparency through blockchain solutions.

This latest development builds on EY's ongoing engagement with the blockchain industry. EY has come up with a “healthcare breakthrough” using blockchain technology in collaboration with Canadian Blood Services.

In September 2021, EY announced its collaboration with Polygon to integrate Polygon's solutions with EY's flagship blockchain services, EY OpsChain and EY Blockchain Analyzer.