EY Releases Enterprise Procurement Solution on Ethereum Blockchain
One of the world’s largest consultancy firms has released a new Ethereum-based solution aimed to streamline enterprise resource planning (ERP).
- In a press statement issued Sunday, EY (or Ernst & Young) said its OpsChain Network Procurement platform is designed to enable companies to run private end-to-end procurement activities.
- The platform utilizes open-source software including the Microsoft-backed Baseline Protocol and operates on the public Ethereum blockchain.
- The product is designed to support enterprise networks, allowing buyers and sellers to operate as networks, while automatically tracking volumes and spend, and utilizing agreed terms and pricing.
- It’s also aimed to move business processes outside of any one ERP system to a shared blockchain-based smart contract, according to the consultancy firm.
- EY global blockchain lead Paul Brody said putting the process on a blockchain means not having to persuade a company to join a “costly, closed proprietary network.”
- The company also said that, based on its experience with other procurement systems, switching to a blockchain-based solution has cut down ERP cycle times by more than 90% and reduced costs by up to 40%.
- Companies can now plug into EY’s beta platform and enable direct integration with their own ERP systems via APIs, EY said.
