EY Releases Enterprise Procurement Solution on Ethereum Blockchain

The consultancy giant has released a new solution aimed to streamline enterprise resource planning on the public Ethereum blockchain.

Sep 28, 2020 at 9:51 a.m. UTC
Updated Sep 14, 2021 at 10:01 a.m. UTC

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.

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