Ernst & Young Announces First Business Application on Public Ethereum Network

Ernst & Young recently declared the launch of the EY OpsChain Network Procurement solution dubbed ONP. This is the auditing firm’s 1st business application for the public Ethereum network. The solution permits 2 corporations to settle contracts on the blockchain while keeping sensitive information exclusive. 

The OpsChain Network Procurement gives businesses the chance to use the ETH blockchain network to coordinate business agreements using smart contract technology. This is a key stage in the developing relationship between conventional financial institutions and blockchain technology.

In a recent statement, EY’s global blockchain leader, Paul Brody mentioned, “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 prospect to save time and money will appeal to establishments across the planet. If the OpsChain Network Procurement solution delivers on its potential, Brody’s approximation just might come true.