Yesterday consulting firm EY unveiled a blockchain solution enabling companies to deal with supplier procurement on the public Ethereum blockchain securely. The EY OpsChain Network Procurement solution aims to turn complex supplier agreements into smart contracts. It’s part of EY’s OpsChain blockchain offerings that include traceability and contract management. Most of EY’s blockchain solutions are based on Ethereum, both the public and private versions.
EY describes the offering as enabling buyers and sellers to operate as a network to keep track of volumes and spend, as well as current terms and pricing. This is reminiscent of one of EY’s first publicized blockchain projects, a game developer royalties solution for Microsoft’s Xbox Live. EY claims that the initiative compressed cycle times by 90%+ and reduced costs by 40%.
Paul Brody, EY Global Blockchain Leader, is a strong proponent of public blockchain and Ethereum. “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,” said Brody.
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