Ernst & Young taps ZK-proofs on Ethereum to automate contracts
EY said it chose Ethereum instead of a private network as it is cheaper, more confidential and prevents a party from gaining a “strategic advantage” over another.
Big Four accounting firm Ernst & Young has launched an Ethereum-based solution using zero-knowledge proofs aimed at helping its private business clients facilitate complex contracts.
Called the EY OpsChain Contract Manager (OCM), the solution will help private businesses execute complex business agreements in a timely, confidential and cost-effective manner, the firm explained in an April 17 statement.
Among the types of contracts that can leverage EY’s Ethereum-based solution are purchase agreements, standardized rate cards, volume discounts, rebates and strike prices.
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Author: Brayden Lindrea
