Big Four accounting firm Ernst and Young has launched an Ethereum-based solution that uses zero-knowledge proofs to help private sector clients simplify complex contracts.
The solution, dubbed EY OpsChain Contract Manager (OCM), helps private companies enter into complex business contracts in a timely, confidential and cost-effective manner, the firm said in an April 17 statement.
Contract types that can utilize EY's Ethereum-based solution include sales contracts, standard rate cards, volume discounts, rebates and strike prices.
EY said it chose #ethereum , a public #blockchain , rather than a private network to prevent one party from gaining a "strategic advantage" over the other and to reduce the risk of leaking confidential business information.
Paul Brody, head of global blockchain at EY, says: "EY created OCM because, in our work with previous clients, we realized that it was possible to reduce cycle times by around 90% and administrative costs by around 40%, while improving the accuracy of contract terms. This is because.
With our Zero Knowledge Privacy technology, we have created an industrialized version of this capability.
The solution was unveiled at the EY Global Blockchain Summit on April 17.
In a recent interview with Cointelegraph, former Grayscale executive Celisa Morin said that TradFi institutions have been favoring public over private blockchains in recent months, and BlackRock's BUIDL is noted as a textbook example.
OCM's efforts have been underway since at least September 2021, when the accounting firm chose #BTC to build a blockchain-based enterprise product. Polygon helped EY create Nightfall (an Ethereum-based enterprise solution for organizing human-to-human transactions) a few months later, in December 2021. However, Polygon is not mentioned in EY's latest OCM product newsletter.
In April 2019, EY first began experimenting with ZK Evidence to create a blockchain-based platform for audit, tax and transaction management.
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