The world’s leading multinational professional services network EY launched its new Ethereum-based solution which is aimed to streamline enterprise resource planning [ERP].
Within a recent official press-release published, EY [Ernst & Young] revealed that its OpsChain Network Procurement platform is meant to permit businesses to run private end-to-end procurement protocols.
The platform utilizes open-source software embodying the Microsoft-backed Baseline Protocol and operates on the general public Ethereum blockchain.
The product is meant to support enterprise networks, permitting sellers and buyers to work as networks, while automatically tracking volumes and spend, & thereby utilizing agreed terms and pricing.
While adding further, the official release added that the new software is also aimed to maneuver business processes outside of any ERP system to a shared blockchain-based smart contract, consistent with the consultancy firm.
EY global blockchain lead Paul Brody added that while implementing the process on a blockchain means not having to influence a business to hitch a “costly, closed proprietary network.”
The company also revealed that, based on its experience with other procurement systems, switching to a blockchain-based solution has hamper ERP cycle times by over 90%, thereby reducing the existing costs by up to 40%.
Different businesses can now plug into EY’s beta platform & enable direct integration with their own ERP systems via APIs, EY added.