Yahoo Finance EY Releases Enterprise Procurement Solution on Ethereum Blockchain
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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