EY, a global leader in accountancy solutions, facilitated the launch of its latest blockchain solution for turning supplier agreements into smart contracts. The OpsChain Network Procurement solutions are powered by blockchain technology. It allows for users to analyse and trace contracts effectively, and its solutions are based on Ethereum.
According to EY, the software is built for buyers and sellers to keep them updated on their data using a single platform. Addmitey, EY’s previous project involving blockchain was successful, and in increasing the efficiency of tracing contracts by cutting cycle times and reducing costs.
The app uses Baseline Protocol, an open-source code developed by EY with other companies. Specifically, the code allows enterprises to use the public Ethereum forum because it promises security to smart contracts.
Operationally, the software integrates with ERP systems using specially-modelled APIs. For clarity, ERP systems include prominent supply management systems used by corporations.
Arguably the OpsChain’s special APIs would help users to tap into any market ERP system with ease, using blockchain-based smart contracts.
Paul Brody, EY’s Global Blockchain Leader, iterated the competition among blockchain service providers. He emphatically stated that “Competition is increasing between networks of companies, their partners and suppliers. The ability to work as a network, above the level of any single ERP system, is crucial. Doing so on a public blockchain means not having to persuade a company or supplier to join a costly, closed proprietary network”.