EY launches Ethereum-based procurement solution for enterprises

“Big Four” accounting firm Ernst & Young (EY) has launched an Ethereum-based procurement solution for enterprises.

Dubbed EY OpsChain Network Procurement, the solution allows companies to run procurement activities on the Ethereum blockchain. It is designed to convert procurement agreements into digital smart contracts, said EY.

Smart contracts help automate procurement processes beyond any single enterprise resource planning (ERP) system, said EY. ERP is a type of software that allows organizations to manage day-to-day business activities such as procurement, supply chain, accounting, and project management.

“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,” said EY global blockchain leader Paul Brody. “Doing so on a public blockchain means not having to persuade a company or supplier to join a costly, closed proprietary network.”

EY has also launched a new analyzer product for the Bitcoin blockchain. It allows users to track and analyze on-chain data that could support the management of legal, compliance, and fraud risks, said EY. The company plans to also support the Ethereum blockchain for this product in the future.