EY launches blockchain-powered EY OpsChain Network Procurement solution

EY announced the availability of the EY OpsChain Network Procurement solution. The solution is built on the EY OpsChain platform.

The EY OpsChain platform allows users to run private, secure, end-to-end procurement activities on the public Ethereum blockchain.

Paul Brody, EY Global Blockchain Leader, said, "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."

The solution converts procurement agreements into digital smart contracts. It also automates volume discounts and rebates calculations.

The announcement claimed that the cycle time required for software royalty calculation is reduced by more than 90%. At the same time, the platform has cut the cost by 40%. EY OpsChain Network Procurement solution leverages open-source Baseline Protocol and runs on the public Ethereum blockchain network. 

 

For individuals, the free beta version of the EY OpsChain Network Procurement solution is available at blockchain.ey.com.