Wed, April 17, 2024 at 04:10

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    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?๐Ÿ˜Ž

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  • Annie

    • Oh wow, that sounds interesting.๐Ÿค” But what exactly does this OCM do?

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    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?๐Ÿ˜

  • Annie

    • That sounds really useful!๐Ÿ‘ But why Ethereum?

    • Aren't there other blockchains out there?

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  • ADward

    • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... ๐Ÿ˜…

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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.๐ŸŒ

  • Annie

    • I see...๐Ÿค” So how does this OCM operate exactly?

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    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.๐ŸŒฟ

  • Annie

    • That sounds impressive!

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

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    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.๐Ÿ’ผ

  • Annie

    • Wow, that's quite comprehensive!๐Ÿ˜ฎ But hasn't EY been involved with blockchain before this?

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    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!๐Ÿš€

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  • 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?

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    Joy

    • I'd definitely say this is good news, Annie!๐ŸŽ‰ 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!๐Ÿ˜‰

    • To sum up, this article is considered a ๐Ÿ˜Bullish for investors!!