Ernst & Young (EY), one of the world’s leading accounting firms, has introduced a new blockchain-based platform aimed at streamlining business contract management. The newly launched OpsChain Contract Manager (OCM), built on the Ethereum blockchain, is designed to address longstanding complexities in managing inter-organizational agreements, while also emphasizing confidentiality, cost savings, and operational efficiency.
The announcement took place during EY’s annual Global Blockchain Summit, where the company outlined the capabilities and strategic goals of the OCM solution. Initially launched on the Polygon proof-of-stake blockchain due to its lower transaction costs, the platform is expected to migrate to the Ethereum mainnet to leverage the broader reach and enhanced security of the Ethereum network.
Public Blockchain for Scalable and Fair Integration
EY’s blockchain leadership team noted that choosing a public blockchain for deployment allows for broader scalability and more inclusive collaboration across enterprises. They stressed that such an open approach minimizes the risk of monopolization, enabling many-to-many integrations without giving undue advantage to any single entity. This shift toward decentralization reflects a broader industry trend toward transparent and democratized systems.
The OpsChain Contract Manager is engineered to operate seamlessly across both internal systems and external business partners. It addresses a range of common challenges, such as policy enforcement, compliance monitoring, and operational consistency across diverse technological environments.
Zero-Knowledge Proofs for Privacy and Trust
One of the core technological innovations of the platform is the implementation of zero-knowledge proofs (ZKPs). This cryptographic method enables participants to verify the authenticity of contract-related data without revealing underlying sensitive details. Through ZKPs, the OCM ensures that business-critical information, including contract terms and transaction data, remains private while still being validated within the blockchain environment.
EY’s solution not only enhances privacy but also automates contract validation. Real-time checks embedded into the system alert users to any policy deviations, enabling immediate corrective action. This proactive approach is expected to significantly reduce the number of non-compliant transactions and eliminate the need for expensive, custom-built private blockchain infrastructures.
Efficiency Gains and Cost Reduction
Insights shared by EY’s leadership pointed to measurable benefits from automating contract processes. Past implementations have reportedly led to improvements in contract accuracy and reductions in administrative costs. Cycle times for contract execution have been shortened by more than 90%, while contract management expenses have been cut by nearly 40%. The integration of ZKP technology has further industrialized this capability, offering enterprises these benefits at a substantially reduced initial investment.
Strengthening EY’s Blockchain Ecosystem
This latest innovation builds on EY’s growing portfolio of blockchain-based solutions. The firm has previously developed tools to enhance transparency in public sector operations and has played a central role in the development of the Baseline protocol—a collaborative project with ConsenSys and Microsoft aimed at enterprise blockchain adoption.
Additionally, EY has deepened its involvement with Polygon by integrating the network into several of its blockchain offerings. These efforts highlight the company’s continued push to create interoperable, secure, and scalable blockchain tools tailored to modern enterprise needs.
With the introduction of the OpsChain Contract Manager, EY continues to position itself at the forefront of blockchain adoption in the professional services sector. This move not only reinforces its commitment to digital transformation but also sets a new benchmark for how blockchain can be used to drive efficiency and trust in complex business relationships.
