Blockchain
EY Debuts Ethereum-Powered Blockchain Solution For Streamlining Complex Contracts
Ernst & Young (EY) has introduced the OpsChain Contract Manager, a new Ethereum-based tool, marking a significant advancement in simplifying intricate business agreements while prioritizing confidentiality, efficiency, and cost-effectiveness.
EY’s OpsChain Contract Manager (OCM) aims to address challenges associated with managing agreements across diverse operational and technological landscapes, both internally and externally. This solution represents a strategic move by EY to streamline complex contracts while reducing costs and ensuring security.
The launch of the OCM platform took place during EY’s annual Global Blockchain Summit. Initially operational on the Polygon proof-of-stake blockchain, the tool is set to transition to the Ethereum mainnet. This transition leverages Polygon’s lower transaction fees while preparing for Ethereum’s extensive network reach.
Paul Brody, EY’s Global Blockchain Leader, underscored the advantages of deploying on a public blockchain, stating, “Deploying on a public blockchain is not only cheaper but also much more scalable, helping enable many-to-many integrations on an open platform with no one company having an unfair advantage by controlling the network.”
One of the notable features of the OCM platform is its utilization of zero-knowledge proofs (ZKPs) on the Ethereum network to ensure contract confidentiality without compromising efficiency. ZKPs enable parties to verify information accuracy without disclosing sensitive details, thereby safeguarding critical contract terms, transaction specifics, and confidential value chain information.
The OCM platform also offers automated validation of contract terms through real-time checks, ensuring policy adherence and promptly notifying users of any discrepancies. By preventing non-compliant transactions, the platform fosters equity for buyers and sellers while reducing expenses associated with private network establishment and maintenance.
Brody further emphasized the efficiency of automating contracts, stating, “We’ve identified from past client work that contract automation can improve accuracy while cutting cycle times by more than 90% and overall contract administration costs by nearly 40%. With our zero-knowledge privacy technology, we have industrialized this capability, and we can now get these benefits at a fraction of the up-front cost.”
This latest initiative adds to EY’s ongoing commitment to blockchain technology. Previously, the company introduced blockchain solutions aimed at enhancing transparency and accountability in government operations. Collaborations with industry leaders like ConsenSys and Microsoft have resulted in the development of the Baseline protocol, a suite of blockchain tools for enterprises. Moreover, EY’s integration of Polygon with flagship blockchain services further solidifies its position in the blockchain ecosystem.
Source: cryptodaily.co.uk
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Blockchain
United States B2C E-Commerce & Online Payments Market Report 2024 – Retail E-Commerce Sales are Poised to Surpass EUR 1.5 Trillion by 2027
Blockchain
MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase
MicroStrategy has increased its Bitcoin holdings to 214,400 BTC with a recent purchase of $7.8 million worth of the cryptocurrency. This move further solidifies MicroStrategy’s position as a major institutional holder of Bitcoin and demonstrates its continued bullish outlook on the digital asset.
MicroStrategy, a publicly traded business intelligence firm, has been actively accumulating Bitcoin as part of its treasury strategy, viewing the cryptocurrency as a long-term store of value and hedge against inflation. The recent purchase of $7.8 million worth of Bitcoin adds to the company’s already substantial holdings, reaffirming its confidence in the future potential of the digital currency.
MicroStrategy’s ongoing accumulation of Bitcoin reflects a broader trend of institutional adoption and investment in the cryptocurrency space. As more companies recognize the value proposition of Bitcoin as a hedge against economic uncertainty and fiat currency devaluation, they are increasingly allocating funds to acquire and hold the digital asset.
Overall, MicroStrategy’s decision to boost its Bitcoin holdings with a $7.8 million purchase underscores the company’s conviction in the long-term viability and potential of Bitcoin as a strategic asset. This move is likely to further encourage other institutions to explore Bitcoin as a component of their investment portfolios, driving continued growth and adoption in the cryptocurrency market.
Source: crypto.news
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Blockchain
Pollbits Redefines Crypto Trading Standards with Industry-Leading Features and Services
PollBits is redefining crypto trading standards with its industry-leading features and services. This platform is making waves in the cryptocurrency trading space by offering innovative solutions and setting new benchmarks for excellence.
PollBits stands out from other crypto trading platforms by introducing cutting-edge features and services that cater to the needs of traders and investors. By prioritizing user experience and functionality, PollBits is enhancing the trading experience and empowering users to make informed decisions in the dynamic cryptocurrency market.
PollBits’ commitment to excellence and innovation is driving its success and setting it apart as a leader in the industry. With its focus on providing industry-leading features and services, PollBits is positioning itself as a go-to platform for traders seeking a reliable and user-friendly trading experience.
Overall, PollBits’ redefinition of crypto trading standards underscores the rapid evolution and maturation of the cryptocurrency industry. As platforms like PollBits continue to push the boundaries of innovation, traders and investors can expect greater accessibility, transparency, and efficiency in cryptocurrency trading, ultimately contributing to the growth and adoption of digital assets worldwide.
Source: cryptonews.com
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