Ernst & Young (EY) has launched a beta version of a new private solution using elements drawn from the Baseline Protocol that converts procurement agreements into digital smart contracts on the Ethereum ledger for enterprises as per a press release.
The OpsChain Network Procurement Launch
Dubbed the “OpsChain Network Procurement” it is an EY-inspired management solution on the OpsChain platform.
The platform automates the calculation of volume discounts and rebates now that companies are increasingly operating like networks, not isolated entities.
Its beta is available for testing by individuals. To use the solution, companies can directly integrate from their APIs and the platform’s easy-to-use web interface.
The auditing giant said enterprises will now integrate a blockchain-based procurement solution from a private enterprise resource planning (ERP) system.
Based on a secure public chain, businesses will privately connect as buyers and sellers.
Meanwhile, the platform automatically keeps track of total volumes and spend using globally agreed terms and pricing.
Commenting, Paul Brody, the 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 Baseline Protocol
EY is rolling out solutions fitting for current problems.
With blockchain as a technology holding tremendous promise to bring in an era of transparency, accountability, and efficiency in businesses, the audit firm is one of the founding members of the Baseline Protocol. It is an open initiative comprising enterprise procurement and business protocol tools developed in partnership with ConsenSys and Microsoft.
Notably, it is fitted with multiple technologies like zero-knowledge proofs, distributed identify (DID), and off-chain storage. As such, there is continuity, full privacy, and transparency.
By using the Baseline Protocol, businesses will conveniently build and deploy procurement processes securely and privately on the Ethereum chain.
Last year, as reported, EY launched a private transaction blockchain protocol called Nightfall on the Ethereum blockchain.