Ethereum

Bitcoin ETF

April

Polygon

Big Four accounting firm Ernst &amp; Young has launched an Ethereum-based solution using zero-knowledge proofs aimed at helping its private business clients facilitate complex contracts.
Called the EY OpsChain Contract Manager (OCM), the solution will help private businesses execute complex business agreements in a timely, confidential and cost-effective manner, the firm <a href="https://www.ey.com/en_gl/newsroom/2024/04/ey-launches-opschain-contract-manager-solution-to-support-secure-private-business-agreements-on-public-ethereum" target="_blank" rel="noopener noreferrer nofollow">explained</a> in an April 17 statement.
Among the types of contracts that can leverage EY’s Ethereum-based solution are purchase agreements, standardized rate cards, volume discounts, rebates and strike prices.
EY said it chose Ethereum — a public blockchain — instead of a private network as it would prevent a party from gaining a “strategic advantage” over another and reduce the risk of sensitive business information being leaked.
The firm built OCM as it realized through past client work that accuracy in contract terms could be improved while also cutting cycle times and administration costs by around 90% and 40%, respectively, noted Paul Brody, EY Global Blockchain Leader.
<blockquote>
 “With our zero-knowledge privacy technology, we have industrialized this capability, and we can now get these benefits at a fraction of the up-front cost.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/b8a2d813-2aac-4ec1-8085-e94a4d347e9d.png">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/pbrody/status/1780618869679526136" target="_blank" rel="noopener noreferrer nofollow">Paul Brody</a>
 </figcaption>
</figure>
The solution was launched at the annual EY Global Blockchain Summit on April 17.
In a recent interview with Cointelegraph, former Grayscale executive Celisa Morin noted that TradFi institutions have started to prefer using&nbsp; on <a href="https://cointelegraph.com/news/tradfi-firms-to-choose-public-blockchains-for-rwa-tokenization" rel="noopener noreferrer nofollow">public blockchains instead of private ones</a> in recent months, noted former Grayscale executive Celisa Morin, <a href="https://cointelegraph.com/news/blackrock-begins-asset-tokenization-launch-digital-liquidity-fund" rel="noopener noreferrer nofollow">with BlackRock’s BUIDL</a> being a textbook example of that.
Related: <a href="https://cointelegraph.com/news/bitcoin-etf-massive-demand-institutions" rel="noopener noreferrer nofollow">Bitcoin ETF to trigger massive demand from institutions, EY says</a>
OCM has been in the works since at least September 2021, when the accounting firm <a href="https://cointelegraph.com/news/ey-selects-polygon-to-scale-its-enterprise-blockchain-products-on-ethereum" rel="noopener noreferrer nofollow">chose Polygon to help build</a> its blockchain enterprise product. Polygon <a href="https://polygon.technology/blog/zk-proof-protocol-polygon-nightfall-launches-on-testnet-to-provide-low-cost-private-ethereum-transactions" target="_blank" rel="noopener noreferrer nofollow">helped</a> EY build Nightfall — an Ethereum-based enterprise solution to orchestrate private transactions — a few months later, in December 2021. However, no mention of Polygon was <a href="https://www.ey.com/en_gl/services/blockchain/platforms/contract-manager" target="_blank" rel="noopener noreferrer nofollow">made</a> in EY’s latest product information sheet for OCM.
EY first started experimenting with<a href="https://cointelegraph.com/news/major-auditing-firm-ernst-young-releases-updates-to-two-blockchain-related-products" rel="noopener noreferrer nofollow"> ZK-proofs in April 2019</a> for the purpose of building a blockchain-based platform for audit, tax and transaction monitoring. Ethereum has long been its chain of choice to build on.
The firm revealed it <a href="https://cointelegraph.com/news/ernst-young-invests-billions-ai-launches-new-platform" rel="noopener noreferrer nofollow">invested $1.4 billion</a> into AI technologies for its new EY.ai platform late September, aimed at helping companies adopt AI through its in-house built large language model, EY AI EYQ.
Magazine: <a href="https://cointelegraph.com/magazine/ethereum-eating-world-only-need-one-internet/" rel="noopener noreferrer nofollow">Ethereum is eating the world — ‘You only need one internet’</a>

Ernst & Young taps ZK-proofs on Ethereum to automate contracts

Cointelegraph

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