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EY Launches State-of-the-art Blockchain-based EY OpsChain Network Procurement Solution
EY OpsChain Network Procurement is the first solution for procurement operations that is designed to support networks of enterprises.
FREMONT, CA: EY announced the availability of the EY OpsChain Network Procurement solution, a first-of-its-kind solution that is built on the EY OpsChain platform, allowing companies to run private, secure, end-to-end procurement activities on the public Ethereum blockchain. The beta version of the new solution is available free for individual users on blockchain.ey.com.
EY OpsChain Network Procurement is the first solution for procurement operations that is designed to support networks of enterprises. As more companies are working as part of global business networks, it has become hard to manage network-level agreements from inside a single enterprise resource planning (ERP) system. The solution enables buyers as well as sellers to operate as networks, automatically keeping track of total volumes and spend, and using globally agreed terms and pricing.
EY OpsChain Network Procurement assists 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 percent and cut costs by 40 percent.
Paul Brody, 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.”
EY OpsChain Network Procurement utilizes several open-source components, including Baseline Protocol, and runs on the public Ethereum blockchain network. Companies can 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 provides the superior security and reliability of a public network built on open source along with absolute freedom to change solutions and vendors.