LONDON, Sept. 27, 2020 /PRNewswire/ -- EY today announced the availability of the EY OpsChain Network Procurement solution, a first-of-its-kind solution built on the EY OpsChain platform that allows companies to run private, secure, end-to-end procurement activities on the public Ethereum blockchain. The beta version of the solution is available free for individual users on blockchain.ey.com.
EY OpsChain Network Procurement is the first procurement solution designed to support networks of enterprises. As more and more companies work as part of global business networks, it has become difficult to manage network-level agreements from inside a single enterprise resource planning (ERP) system. The solution allows buyers and sellers to operate as networks, automatically keeping track of total volumes and spend, and using globally agreed terms and pricing.
EY OpsChain Network Procurement supports network-level business processes by moving those business processes outside of any single ERP system and into a shared blockchain-based smart contract. It builds upon EY experience with other procurement activities, such as software royalty calculations, where shifting to blockchain-based contracts has compressed cycle times by more than 90% and cut costs by 40%.
Paul Brody, EY Global Blockchain Leader, says:
"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."
EY OpsChain Network Procurement uses various open-source components including Baseline Protocol and runs on the public Ethereum blockchain network. Companies will be able to access the solution through blockchain.ey.com and make use of an intuitive Web user interface (UI) and application programming interfaces (APIs) that help enable direct integration with their ERP systems. This approach offers the superior security and reliability of a public network built on open source along with absolute freedom to change solutions and vendors.
To learn more about the EY OpsChain Network Procurement solution, click here.
Note to editors
About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available via ey.com/privacy. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.