Ernst & Young (EY), a renowned global accounting firm, has taken a significant stride in the field of enterprise contract management by adopting blockchain technology. They have launched OpsChain Contract Manager, a system that employs publicly accessible blockchain to safeguard and manage companies’ contracts securely. This move represents an essential milestone in EY’s plan to integrate advanced technologies into their offerings, enhancing transparency and streamlining processes.
To begin with, the OpsChain Contract Manager primarily operates on the Polygon PoS network, although it’s advertised as designed for use on Ethereum after a planned migration. In simpler terms, this means that the contract manager functions best on the Polygon network now, but will eventually work seamlessly on Ethereum.
Advantages of Using Polygon PoS Network
EY opted to begin developing OpsChain Contract Manager on the Polygon Proof of Stake (PoS) system due to its affordability and ability to handle larger volumes. This strategic step, taken prior to the transition to Ethereum’s mainnet and an undisclosed layer-3 technology, allows EY to experiment with blockchain functionalities at a lower cost, which is crucial for enterprise applications that require stable and continuous performance.
Paul Brody, the leader of EY’s blockchain team since 2016, explained that even though the service was established using Ethereum and can be utilized on Ethereum’s test network, Polygon was selected for industrial applications due to its affordable transaction fees. This tactical implementation aligns with the company’s goal to provide enterprise clients with a robust contract management solution without incurring excessive expenses.
Transition to Public Blockchains
An enterprise-level shift is underway, moving from exclusive use of private blockchains to implementing public ones for digital ledger technology. Previously, businesses favored private blockchains due to perceived advantages in security and privacy. However, the recent deployment of a public blockchain by EY, specifically its OpsChain Contract Manager, indicates growing confidence in networks like Ethereum and Polygon to meet enterprise needs.
According to Paul Brody’s perspective, the privacy feature of private blockchains may not be suitable for various businesses. Instead, there has been a trend towards public blockchains due to their ability to ensure transparency and security without exposing confidential business information. By employing zero-knowledge proofs (ZKPs) in conjunction with the OpsChain Contract Manager, businesses can confirm the validity of data among relevant parties without compromising the secrecy of their sensitive data.
Prospects and Industry Impact
With the arrival of EY’s OpsChain Contract Manager, contract management is about to undergo a significant transformation. By automating and securing contracts on the blockchain, EY aims to bring about considerable cost reductions and enhance the accuracy and swiftness of contract-related procedures. The implementation of a blockchain solution is expected to reshape contract handling practices across various industries, thereby setting a new standard for the sector.
In addition, EY intends to shift OpsChain Contract Manager from Ethereum’s mainnet to a higher-level solution in the future, demonstrating their dedication to leading innovation in blockchain technology. As blockchain technologies increasingly influence business fundamentals, they hold the potential for smoother, more transparent, and time-efficient processes throughout organizations.
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2024-04-18 00:33