Ernst & Young (EY), one of the leading global accounting firms, has announced a major step forward in enterprise contract management by leveraging blockchain technology. The company has introduced OpsChain Contract Manager, a solution that uses public blockchain technology to securely store and manage a company’s contracts. This project signifies an important stage of EY’s strategy to include more sophisticated technology in its services, which will improve transparency and efficiency.
Primarily, the OpsChain Contract Manager runs on the Polygon proof-of-stake (PoS) network but is marketed as a product intended to run on Ethereum after a future migration. With this solution, clients can publish their contracts to a public blockchain, while privacy is achieved through elaborate zero-knowledge circuits, eliminating the main concern about privacy in digital transactions.
Advantages of Using Polygon PoS Network
The choice of the Polygon PoS as the starting platform for OpsChain Contract Manager allows EY to have lower transaction costs and greater scalability. This decision is a clear tactical move aimed at improving operational performance prior to the upcoming migration to the Ethereum mainnet and a layer-3 solution technology still to be revealed. The implementation of Polygon PoS enables EY to execute and test blockchain capabilities in a low-cost environment, which is important for enterprise applications that demand constant and consistent performance.
Paul Brody, the head of EY’s blockchain arm since 2016, noted that although the service was built on Ethereum and is accessible on Ethereum’s test network, Polygon was chosen for industrial purposes because of its cheap transaction costs. This strategic deployment is consistent with the company’s objective to offer enterprise customers a potent contract management tool without incurring heavy costs.
Transition to Public Blockchains
The move to employ public blockchains in enterprise applications is a radical shift in the approach that the industry has taken to digital ledger technology. In the past, private blockchains were the most popular ones for business applications since the private ones were considered to have security and privacy advantages. Nevertheless, the EY deployment of the public blockchain , in particular by means of its OpsChain Contract Manager, represents the rising trust in public networks such as Ethereum and Polygon to fulfill enterprise demands.
As Paul Brody explained, the privacy of private blockchains is not really a proper element for many businesses. This understanding has resulted in a switch to public blockchains, which allow for transparency and security without revealing sensitive business data. The combining of zero-knowledge proofs (ZKPs) with the OpsChain Contract Manager guarantees that the information is verifiable to the parties involved but does not undermine the confidentiality of the data.
Prospects and Industry Impact
EY, with the introduction of the OpsChain Contract Manager, is all set to change the face of contract management. The automation and securing of contracts on the blockchain will lead to substantial cost savings as well as precision and speed in contract management processes by EY. A blockchain-based solution will probably impact the practices of enterprises in different fields regarding contract management, establishing a new norm for the industry.
Furthermore, EY’s planned transition of the OpsChain Contract Manager to Ethereum mainnet and eventually to a layer-3 solution reflects the firm’s commitment to staying at the forefront of blockchain technology. As blockchain solutions become more integrated into core business processes, they promise to bring about more streamlined, transparent, and efficient operations across the board.
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