Accounting giant EY introduced the EY OpsChain Contract Manager (OCM) on Wednesday, leveraging Ethereum’s blockchain technology. The platform aims to simplify complex business agreements, reduce costs, and enhance security.
EY OCM addresses challenges in managing agreements across different operational and technological domains, facilitating data synchronization among multiple parties. Through smart contracts, it enforces critical terms like standardized pricing, volume discounts, and rebates.
According to data from Zion Market Research, the global smart contracts market is expected to reach $1 billion by 2030, with a projected compound annual growth rate (CAGR) of approximately 24% between 2023 and 2030.
Operating on the Ethereum blockchain, EY OCM ensures decentralized operation within a dependable environment. Paul Brody, EY’s global blockchain leader, emphasized the advantages of deploying on a public blockchain, citing cost-effectiveness and scalability.
The platform operates through APIs, allowing seamless management of smart contract providers and enabling customized user interfaces. Initial pre-built contracting models include Power Purchase Agreements for renewable energy.
EY OCM automates policy enforcement, conducting real-time validation of contract terms and ensuring compliance. Any discrepancies trigger immediate notifications, preventing non-compliant transactions and maintaining fairness between parties.
EY’s involvement in blockchain extends beyond OCM. In October 2019, the company introduced a blockchain solution for governments to enhance transparency and accountability. Additionally, EY unveiled the Baseline protocol in March 2020, developed in collaboration with ConsenSys and Microsoft. More recently, in September 2021, EY announced its integration of Polygon with flagship blockchain services like EY OpsChain and EY Blockchain Analyzer.