Accounting firm EY has introduced an innovative blockchain solution on the Ethereum platform to streamline complex agreements, enhance security, and reduce costs for businesses.

EY recently unveiled the EY OpsChain Contract Manager (OCM), a blockchain-powered tool designed to address challenges related to managing multiple business agreements across various operational and technological silos.

The solution enables multiple parties to synchronize data among business partners and utilize smart contracts to enforce critical agreements such as standardized pricing, volume discounts, rebates, and strike prices.

According to Zion Market Research, the global smart contracts market is projected to reach $1 billion by 2030, with a Compound Annual Growth Rate (CAGR) of around 24% between 2023 and 2030.

EY OCM, which made its debut at the annual EY Global Blockchain Summit, operates on the Ethereum blockchain, ensuring decentralized operations within a stable environment.

EY global blockchain leader, Paul Brody, emphasized the benefits of deploying on a public blockchain, highlighting cost-effectiveness and scalability for many-to-many integrations.

EY OCM leverages an API to manage smart contract providers, enabling firms to create customized user interfaces and configure standard pre-built contracting models, including Power Purchase Agreements for renewables.

The solution automatically validates contract terms through real-time checks, analyzes policy compliance, and alerts users to any discrepancies, preventing non-compliant transactions from proceeding.

This approach eliminates strategic advantages for buyers or sellers, reduces costs associated with managing private networks, and addresses concerns related to exchanging sensitive company information through a consolidated industry portal.

EY’s ongoing involvement in the blockchain sector includes the recent rollout of the fourth generation of its EY blockchain analytics tool in October 2023, aimed at assisting Fidelity in enhancing internal risk management for digital assets.

In September 2021, EY announced its collaboration with Polygon to incorporate EY’s flagship blockchain services, such as EY OpsChain and EY Blockchain Analyzer.

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