During the annual Global Blockchain Summit, EY unveiled its latest innovation, the EY OpsChain Contract Manager (OCM). This state-of-the-art platform leverages blockchain technology to transform the way agreements are finalized, ensuring privacy, enhancing efficiency, and cutting costs while ensuring compliance with terms.

The EY OCM addresses complex challenges related to managing intricate business contracts across various departments within and outside organizations, streamlining operations and technology. It enables enterprises to efficiently disseminate information and enforce contract terms, including price consistency, volume rebates, discounts, and minimum prices.

Many businesses struggle with insufficient visibility into their deals, often due to a lack of internal profit control, leading to challenges in reviewing requirements for discounts and refunds. However, the EY OCM utilizes smart contracts to aggregate consumption data from multiple systems and collaborate with external vendors, ensuring accurate execution of contract terms.

This innovation is particularly significant as the global smart contracts market is projected to witness substantial growth, reaching a billion dollars by 2030 with an annual growth rate exceeding 24% from 2023 to 2030, according to Zion Market Research.

EY-OCM focuses on the Ethereum public blockchain to decentralize and maximize trust, eliminating the need for maintaining a private network and reducing data leakages. The system prioritizes enterprise privacy through zero-knowledge proofs provided by advanced zero-knowledge circuits.

The solution is designed for seamless integration into existing enterprise systems using a standardized API, supporting various supply chain agreements and complex pricing models dependent on market data. EY OCM has successfully piloted PPAs with complex characteristics such as market prices and precise purchasing criteria.

Paul Brody, EY’s global Blockchain leader, emphasized the efficiency and cost-saving benefits of smart contracts, noting significant reductions in cycle time and contract administration costs through automation.

With zero-knowledge privacy technology, EY can cater to global needs affordably, operating on a public blockchain to reduce costs and facilitate numerous integrations on an open platform.

The launch of EY OCM builds on EY’s blockchain technology expertise, showcasing successful implementations that address modern business challenges and revolutionize digital contract execution.