To manage contracts efficiently and cost-effectively, EY utilizes Polygon.
OpsChain is being implemented to move enterprise contracts onto the public blockchain.
In the future, EY intends to migrate OpsChain to the Ethereum mainnet mainnet.
Ernst & Young (EY), one of the world’s most prominent accounting companies, has just announced a significant advancement in business contract management through the utilization of blockchain technology. OpsChain Contract Manager is a service that the company recently developed. The solution utilizes public blockchain technology to store and manage contracts for their respective companies safely. Implementing this project is a significant stage in EY’s aim to incorporate more advanced technology into its services, resulting in increased transparency and efficiency.
The OpsChain Contract Manager primarily operates on the Polygon proof-of-stake (PoS) network but is marketed as a product designed to operate on Ethereum in the event of future migration. With the help of this solution, clients can publish their contracts on a public blockchain. At the same time, complex zero-knowledge circuits achieve privacy, eliminating the primary concern regarding privacy in digital transactions.
Benefits of Utilising the Polygon Point-of-Sale Network
Having the Polygon Point of Sale as the initial platform for OpsChain Contract Manager enables EY to reduce transaction costs and achieve higher scalability than it would have otherwise achieved. Ernst & Young made a straightforward tactical move to enhance operational performance ahead of the transition to the Ethereum mainnet. They selected a layer-3 solution technology, which they have not disclosed yet. EY can execute and test blockchain capabilities in a low-cost environment thanks to deploying Polygon Proof of Stake (PoS). This is a significant feature for enterprise applications that require steady and stable performance.
Paul Brody, overseeing EY’s blockchain division since 2016, stated that they selected Polygon for industrial settings because of its low transaction fees, despite having developed the service on Ethereum and making it accessible on Ethereum’s test network. The company’s goal is to provide enterprise customers with a robust contract management tool without incurring significant costs, and this strategic deployment is in line with that purpose.
Changing to public blockchains as possible
The adoption of public blockchains in enterprise applications represents a significant departure from the conventional approach that the sector has taken to the implementation of digital ledger technology thus far. In the past, private blockchains were the most popular for business applications. This was because private blockchains were thought to provide distinct advantages in terms of both security and privacy. Nevertheless, the deployment of the public blockchain by EY, in particular through its OpsChain Contract Manager, represents the growing trust in public networks such as Ethereum and Polygon to serve the requirements of businesses.
Paul Brody argued that the secrecy of private blockchains is not an appropriate component for many different types of organizations. As a consequence of this realization, a transition has occurred to public blockchains, enabling openness and security without exposing critical corporate data. The combination of zero-knowledge proofs (ZKPs) and the OpsChain Contract Manager enables parties to verify information securely while preserving data confidentiality.
Influence on the Industry and Prospects
By implementing the OpsChain Contract Manager, EY is well on its way to transforming the field of contract management. Ernst & Young will achieve significant cost savings and increased precision and speed in their contract management procedures due to the automation and security of cryptocurrency contracts on the blockchain. A solution based on blockchain technology will likely affect the operations of businesses operating in many industries regarding contract administration, thereby setting a new standard for the industry.
As an additional point of interest, the fact that Ernst & Young intends to move the OpsChain Contract Manager to Ethereum mainnet and, eventually, to a layer-3 solution is evidence of the company’s dedication to remaining at the forefront of blockchain technology. Blockchain technologies have the potential to streamline, transparently, and efficiently improve operations across the board as they become increasingly integrated into fundamental business processes.
