EY: Launches contract management solution OCM on Ethereum

EY (Ernst Young), one of the four major accounting firms, has announced the launch of EY OpsChain Contract Manager (OCM), a blockchain-based contract management solution. This solution utilizes the security and accessibility of the public Ethereum blockchain, implements data privacy through zero-knowledge proof (ZKP) technology, enhances contract integrity, and reduces value leakage.It is reported that one of the main advantages of EY OCM is its compatibility with existing enterprise systems through standardized APIs. EY OCM supports the execution of complex business agreements, maintains privacy, improves time efficiency, and achieves cost reduction through automatic compliance with contractual terms. EY OCM can synchronize business agreement data across internal and external operations and technology-isolated environments, and uniformly execute key business terms such as standardized pricing, quantity discounts, and rebates.