At the annual Global Blockchain Summit, EY unveiled its latest innovation, the EY OpsChain Contract Manager (OCM), which harnesses blockchain technology to revolutionize contract management. This advanced system ensures privacy, enhances efficiency, reduces costs, and ensures compliance with contract terms.

The EY OCM addresses the complex challenges of managing intricate business contracts across various departments within and outside organizations, involving operations and technology. It offers enterprises an effective way to share information and enforce contract terms, including price consistency, volume rebates, discounts, and minimum prices.

Many businesses struggle with inadequate oversight of their contracts due to internal profit control issues, leading to difficulties in reviewing requirements for discounts and refunds. However, the EY OCM uses smart contracts to aggregate consumption data from multiple systems and external vendors, ensuring accurate contract execution.

This innovation is particularly significant as the global market for smart contracts is poised for significant growth, with estimates suggesting it could reach a billion dollars by 2030, with an annual growth rate exceeding 24% from 2023 to 2030.

The EY OCM leverages the Ethereum public blockchain to decentralize and maximize trust, eliminating the need for costly private networks and reducing data leakage risks. Its zero-knowledge privacy technology ensures enterprise privacy while enabling seamless integration into existing systems through standardized APIs.

Paul Brody, EY’s global Blockchain leader, emphasized the efficiency and cost-saving benefits of smart contracts, citing significant improvements in cycle time and contract administration costs. The EY OCM's zero-knowledge privacy technology allows it to serve clients globally at an affordable price.

The launch of the EY OCM builds on EY's leadership in blockchain technology, demonstrating successful implementations that address modern business challenges and transform digital contract execution.