Ethereum

Base

Ernst &amp; Young, one of the Big Four accounting firms, has <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="noreferrer noopener" data-wpel-link="external">introduced</a> a new tool called EY OpsChain Contract Manager (OCM) using Ethereum technology. This tool is designed to assist private businesses in handling complicated contracts more efficiently.&nbsp; 
By utilizing Ethereum’s blockchain, EY aims to ensure confidentiality and fairness in contract execution. 
OCM can be applied to various types of contracts, including purchase agreements, rate cards, discounts, rebates, and more. Unlike using a private network, Ethereum’s public blockchain prevents any party from gaining unfair advantages and safeguards sensitive business data from leaks. 
EY developed OCM after recognizing the need to enhance contract accuracy while reducing the time and costs associated with administration.&nbsp; 
According to Paul Brody, EY’s Global Blockchain Leader, past client experiences showed that OCM could potentially cut contract cycle times by 90% and administration costs by 40%. 
In summary, EY’s Ethereum-based solution offers private businesses a secure, efficient, and cost-effective way to manage complex contracts, benefiting both parties involved. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/17/metawin-announces-innovative-tokenized-tesla-cybertruck-contest-on-ethereums-base-layer-2-blockchain/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">MetaWin Announces Innovative TOKENIZED Tesla Cybertruck Contest on Ethereum’s Base Layer 2 Blockchain</a> 
</blockquote>

EY Automates Contracts Using ZK-Proofs on Ethereum

The Crypto Times

Other articles published on Apr 18, 2024

Japan’s SBI VC Trade Floats Residual Income for Shiba Inu

Ethereum’s Challenge to Overcome the $3,000 Barrier

Aptos Ascend Debuts With Backing From Microsoft & BCG, APT Price Soars

NFTX (NFTX) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Pricing aggregators caused Pax Dollar to depeg

How This Trader Lost $5 Million With Polygon (MATIC)

Join our free newsletter for daily crypto updates!