Blockchain
EY Launches Ethereum-Based Blockchain Tool to Simplify Business Agreements
On Wednesday, the accounting firm EY launched a blockchain solution based on Ethereum with the aim of assisting businesses in executing intricate agreements, reducing costs, and upholding security.
Dubbed the EY OpsChain Contract Manager (OCM), this solution is crafted to address challenges such as managing business agreements across internal and external operational and technological barriers. It facilitates the synchronization of data among multiple parties and enforces critical terms through smart contracts, encompassing standardized pricing, volume discounts, rebates, and strike prices.
EY cited data from Zion Market Research, projecting that the global smart contracts market will reach $1 billion by 2030, with a compound annual growth rate (CAGR) estimated at around 24% between 2023 and 2030.
Unveiled during the annual EY Global Blockchain Summit, EY OCM operates on the Ethereum blockchain, ensuring decentralized operation within a dependable environment.
According to Paul Brody, EY’s global blockchain leader, deploying on a public blockchain offers not only cost-effectiveness but also scalability, enabling many-to-many integrations on an open platform without any single entity having undue control over the network.
EY OCM functions via an API, simplifying the management of smart contract providers. Firms can establish personalized user interfaces to configure standard pre-built contracting models, including Power Purchase Agreements for renewables.
Moreover, the tool is capable of automatically validating contract terms in real-time, monitoring policy adherence, and promptly alerting users to any discrepancies. This prevents non-compliant transactions and mitigates strategic advantages for buyers or sellers while reducing the high costs associated with establishing and operating a private network.
Furthermore, EY’s involvement in blockchain extends beyond OCM. In October 2019, the company introduced a blockchain solution aimed at enhancing government transparency and ensuring accountable outcomes for citizens. Additionally, it facilitated budget, expenditure, and outcome tracking.
In March 2020, EY launched the Baseline protocol, a suite of public domain blockchain tools for enterprises developed in collaboration with ConsenSys and Microsoft.
In September 2021, EY announced plans to integrate Polygon with its flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.
Source: cryptonews.com
The post EY Launches Ethereum-Based Blockchain Tool to Simplify Business Agreements appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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