Big Four accounting firm Ernst & Young (EY) has launched an Ethereum (ETH)-based solution to automate contract management and prevent non-compliant transactions and errors.
In a statement, the firm says the EY OpsChain Contract Manager (OCM) runs on the Ethereum public blockchain to facilitate the execution of complex and multi-party business agreements.
The contract manager supports most business contract types, including volume purchase agreements, standardized rate cards, volume discounts, rebates and price models that are dependent on market data feeds.
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“EY OCM helps address the enterprise challenge of managing business agreements that run across internal and external operational and technology siloes.
EY OCM synchronizes data across business partners and uniformly enforces key business terms such as standardized pricing, volume discounts, rebates and strike prices.”
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