Ernst & Young Unveils Supply Chain Manager on Polygon Network

It marks the first joint project between the accounting firm and the Ethereum-scaling platform.

AccessTimeIconMay 17, 2022 at 12:50 p.m. UTC
Updated May 11, 2023 at 4:20 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Big Four accounting and consulting firm Ernst & Young has unveiled its blockchain-based supply chain manager that is built for the Polygon network and that is aimed at solving bottlenecks in tracing products as they come to market.

The EY OpsChain Supply Chain Manager, which is now available in a beta version, is the first joint project between Ernst & Young and Ethereum scaling tool Polygon following the start of their collaboration last September.

  • Everything You Need to Know About the EasyA Consensus Hackathon
    14:01
    Everything You Need to Know About the EasyA Consensus Hackathon
  • Ether-Bitcoin Ratio Drops to Lowest Since April 2021
    00:59
    Ether-Bitcoin Ratio Drops to Lowest Since April 2021
  • Tornado Cash Developer Alexey Pertsev Appeals Guilty Verdict; CME's Plan for Spot Bitcoin Trading
    01:39
    Tornado Cash Developer Alexey Pertsev Appeals Guilty Verdict; CME's Plan for Spot Bitcoin Trading
  • Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director
    14:32
    Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director
  • The project is aimed at tackling chokepoints along supply chains combining product traceability with inventory management.

    Organizations would create tokens to represent assets and inventory, which the OpsChain manager would then track across the supply chain network.

    Scaling networks like Polygon are designed to lighten the load on base-layer blockchains such as Ethereum, processing transactions on a sidechain to reduce congestion and costs.

    Polygon Nightfall, the network combining the fruits of the two entities' labor, offers zero-knowledge proof-based privacy technology, guaranteeing that only selected parties can see the full history of the assets tracked.

    While supply chain management has often been cited as a compelling use case for blockchain technology, enterprises may have been put off adopting such tools because of a lack of privacy in transactions.

    "This is exactly the kind of commercial use case we envisioned when we set out to build and deploy the Polygon Nightfall network," Antoni Martin, enterprise lead for Polygon, said. "Enterprise use cases outside of financial services are still not widely developed. Privacy tools open a whole new world for us."



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about