EY Released OpsChain Network Procurement solution onto the Ethereum blockchain and will now offer business solutions as well, as we are reading in today’s Ethereum news.
EY released Opschain Network Procurement solution which promises to bring blockchain solutions to the companies across the world. By using the ethereum blockchain, companies can establish agreements without having to place sensitive data on the blockchain. The global blockchain leader Paul Brody said that he believes about 50% of the business contracts will be done on the blockchain by 2030.
— Paul Brody (@pbrody) September 28, 2020
The accounting firm EY announced yesterday the release of the EY OpsChain Network Procurement solution which is the first business application for the public ETH blockchain. The solution enables two companies to agree on contracts on the blockchain while keeping the information private. The OpsChain network solution will give the companies the chance to use the ETH blockchain network to synchronize business agreements by using smart contract technology. This is a huge step in the growing relationship between blockchain and financial institutions, as Brody said in a statement:
“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.”
The ONP solution is built on the open-source Baseline Protocol which was initially created by EY earlier this year alongside ConsenSys and Microsoft. The Baseline protocol uses zero-knowledge proofs, off-chain storage, and distributed identity technology which means that the companies can use the technology and establish agreements without having to place sensitive documents on the blockchain itself.
Also, the Baseline Protocol supports tokenization standards which means that purchase orders and other elements can be tokenized and integrated into the decentralized finance ecosystem. The beta version of the ONP solution is available and free for individual users. Brody said that he believes that by 2030 more than half of the new business contracts will be done on the blockchain. The opportunity to save money and time will mostly appeal to companies across the world. If the latest solution delivers on the promise, Brody’s predictions could come true.
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