Victor Ugochukwu · Dec 14, 2020 . 5min read
EY OpsChain Network Procurement Solution on Ethereum to help companies manage expenses efficiently
EY launches blockchain-based EY OpsChain Network Procurement solution on public Ethereum blockchain using Baseline protocol.
By Komal Joshi · Sep 29, 2020 . 5min read
Ernst & Young (EY), today unveiled a blockchain solution allowing companies to deal with supplier procurement on the public Ethereum blockchain securely. The EY launches the EY OpsChain Network Procurement solution on the EY OpsChain platform. The EY OpsChain Network Procurement solution aims to switch complex supplier agreements into smart contracts. It will thus employ Baseline protocol to do so. It’s part of EY’s OpsChain blockchain offerings that incorporate traceability and contract management. Most of EY’s blockchain solutions are based on Ethereum, both the public and private versions.
Many corporate announcements claim to be the first in their respective fields. However, in this case, EY’s solution is the first public blockchain procurement offering from a major consulting firm. EY’s blockchain solution enables buyers and sellers to act as a network to keep a record of volumes and spend using global terms and pricing. This introduces EY’s first publicized blockchain projects, a game developer royalties solution for Microsoft’s Xbox Live. It maintains that the initiative reduced cycle times by 90%+ and decreased costs by 40%.
EY OpsChain Uses Baseline Protocol
EY OpsChain Network procurement combines with ERP systems utilizing application programming interfaces (APIs). It also employs the Baseline Protocol, an open-source set of middleware-style tools produced by EY with ConsenSys and others. Baseline endeavours to draw enterprises to get more comfortable utilizing public Ethereum by combining privacy layers, not just to data but also to the smart contract logic. Moreover, the beta version of EY OpsChain Network Procurement is accessible for free to individuals.
Paul Brody, EY Global Blockchain Leader, is a strong defender of public blockchain and Ethereum. However, he says that competition is growing between networks of companies, their associates, and suppliers. He further elucidates that above the level of any single ERP system, the capacity to work as a network is essential. Moreover, he says that doing so on a public blockchain involves not convincing a company or supplier to meet an expensive, exclusive proprietary network.
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