Ernst & Young (EY) has unveiled the EY OpsChain Contract Manager (OCM), a blockchain-based tool designed to streamline the management of intricate business contracts within the private sector.

Introduced at the EY Global Blockchain Summit, the service leverages zero-knowledge proofs on the Ethereum network to uphold contract confidentiality while enhancing operational efficiency. By utilizing the OCM, organizations can anticipate reduced administrative costs and accelerated business cycle times, signifying a notable progression in the integration of blockchain technology into conventional business practices.

Operating on the Polygon proof-of-stake blockchain initially, the OCM platform is poised to migrate to the Ethereum mainnet. This strategic move takes advantage of Polygon’s cost-effective transaction fees while preparing for Ethereum’s extensive network reach.

With support for various contract formats and seamless integration with enterprise systems through a standardized API, the platform offers a versatile solution for contract management needs.

Paul Brody, EY’s blockchain leader, highlighted the potential benefits of contract automation based on previous client engagements. He emphasized that automating contracts could enhance accuracy, reduce cycle times by over 90%, and slash overall contract administration expenses by nearly 40%.

Brody further emphasized the efficiency of their zero-knowledge privacy technology in industrializing contract automation, enabling organizations to realize these advantages at a fraction of the typical upfront investment.

The development of the OCM tool builds upon EY’s prior initiative, Nightfall, which concentrated on facilitating private transactions on the Ethereum network.

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