Ernst & Young, a prominent accounting firm, has unveiled a new enterprise contract management solution leveraging blockchain technology.

The offering, known as OpsChain Contract Manager, enables clients to store contracts on a public blockchain while safeguarding the confidentiality of business data through zero-knowledge circuits. OpsChain is promoted as functioning on the Ethereum platform but utilizes Polygon’s proof-of-stake (PoS) blockchain.

Paul Brody, the leader of EY’s blockchain initiatives, emphasizes the significance of distinguishing the technology’s evolution. EY aims to shift the underlying technology to Ethereum’s mainnet and subsequently to layer 3 in an upcoming upgrade.

While Nightfall was initially crafted and tested on Ethereum, EY’s industrial clients are currently favoring Polygon due to its cost-effective transactions. Brody highlights the allure of Polygon’s network over Ethereum for EY’s industrial clientele.

Despite the cost advantages of Polygon, Brody, a key figure in IBM’s pioneering blockchain project, believes that the future of blockchain in business rests with public blockchains like Ethereum.

The utilization of blockchain in business is not a novel concept. In the early stages of Bitcoin and blockchain advancement, groups like the Distributed Ledger Group explored the potential benefits of distributed ledger technology for businesses, often opting for private blockchains.

Brody criticizes private blockchains for their lack of true privacy, as all participants can access transaction details, potentially exposing sensitive business information.

EY has also introduced Starlight, a zero-knowledge compiler utilizing hashing methods to bolster privacy in existing smart contracts. This innovative approach enables businesses to manage contracts securely and transparently, leveraging public blockchain infrastructure to lower deployment expenses.

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