Wed, April 17, 2024 at 04:10

• 

  Joy

  • Hey Annie!

  • Guess what?

  • EY, one of the Big Four accounting firms, just launched an Ethereum-based blockchain solution called EY OpsChain Contract Manager (OCM).

  • It's designed to help businesses execute complex agreements, reduce costs, and maintain security.

  • Isn't that cool?😎

  • 
• Annie

  • Oh wow, that sounds interesting.🤔 But what exactly does this OCM do?

  
• 

  Joy

  • Great question!

  • So, OCM is designed to tackle issues like managing business agreements that span across different operational and technological silos.

  • It also allows multiple parties to synchronize data among various business partners.

  • Plus, it enforces critical terms through smart contracts, including standardized pricing, volume discounts, rebates, and strike prices.

  • Pretty neat, huh?😁

• Annie

  • That sounds really useful!👍 But why Ethereum?

  • Aren't there other blockchains out there?

  
• ADward

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• 

  Joy

  • You're right!

  • There are other blockchains out there.

  • But EY chose Ethereum because it operates in a decentralized manner within a reliable environment.

  • Plus, deploying on a public blockchain like Ethereum is not only cheaper but also more scalable.

  • It allows for many-to-many integrations on an open platform without any one company having an unfair advantage by controlling the network.🌐

• Annie

  • I see...🤔 So how does this OCM operate exactly?

  
• 

  Joy

  • OCM operates through an API which makes it easier to manage smart contract providers.

  • Firms can even establish personalized user interfaces and configure standard pre-built contracting models.

  • The initial suite of these models includes Power Purchase Agreements for renewables.🌿

• Annie

  • That sounds impressive!

  • But how does it ensure that the contract terms are being followed?

  
• 

  Joy

  • Good point!

  • OCM has the ability to automatically validate contract terms through real-time checks.

  • It also monitors policy adherence and promptly notifies users of any discrepancies.

  • So, any transactions not compliant with the contract terms are prevented from proceeding.

  • This helps to prevent a strategic advantage for either a buyer or a seller and mitigates high expenses associated with establishing and operating a private network.💼

• Annie

  • Wow, that's quite comprehensive!😮 But hasn't EY been involved with blockchain before this?

  
• 

  Joy

  • You're absolutely right!

  • EY has been involved with blockchain before.

  • Back in October 2019, they introduced a blockchain solution to assist governments in enhancing transparency and ensuring accountable outcomes for citizens.

  • Then in March 2020, they unveiled the Baseline protocol, which is a collection of public domain blockchain tools designed for enterprises.

  • And just last September, they announced they would use Polygon with EY's flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.

  • They're really making strides in the blockchain world!🚀

  • 
• Annie

  • That's impressive!

  • So, Joy, would you say this news is good or bad?

  • And what kind of impact do you think it will have on the market?

  
• 

  Joy

  • I'd definitely say this is good news, Annie!🎉 With EY's new solution, businesses can streamline their operations and reduce costs.

  • Plus, it could potentially boost the adoption of Ethereum and other blockchain technologies.

  • As for the market impact, this could lead to increased confidence in blockchain solutions and possibly drive up the value of Ethereum.

  • So, it might be a good time to keep an eye on Ethereum if you're thinking about investing!😉

  • To sum up, this article is considered a 😍Bullish for investors!!