Ernst&Young management said the EY OCM solution uses zero-knowledge proof (ZKP), which allows one party to prove knowledge of a specific piece of data without disclosing it. The solution will allow enterprises to enter into complex multilateral business agreements, EY assures. At the same time, the developers promise to provide a high level of confidentiality and faster transactions at lower costs thanks to the automatic execution of agreed conditions.
EY OCM synchronizes data from all business partners and ensures compliance with key terms, including standardized pricing. Smart contracts help aggregate costs across systems and even external business partners, and then apply contract terms to them, says Ernst&Young.
“Automating business contracts can reduce contract execution by more than 90%, and overall contract management costs can be reduced by 40%. Deploying a solution on an open blockchain is not only cheaper, but also much more scalable. At the same time, no company will receive an unfair advantage in controlling the network,” explained EY Blockchain Development Director Paul Brody.
Brody mentioned Zion Market Research's forecast that the international smart contract market will grow to approximately $1 billion by 2030, with a compound annual growth rate (CAGR) of approximately 24% between 2023 and 2030.
Last year, Ernst&Young launched a beta version of the Ethereum-based EY OpsChain ESG platform to track carbon emissions and tokenize them. A few years ago, the company introduced a set of tools called Nightfall 3 to reduce fees on the Ethereum network.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
