EY has announced the availability of the EY Opschain network procurement solution which is a kind of solution built on the EY Opschain platform that mainly allows the companies for running privately secured, and also end-to-end procurement activities on the Public Ethereum Blockchain. Also, the beta version of the solution is now available for individual users on the blockchain.ey.com websites.
EY OpsChain network procurement is actually the first solution that is designed to support networks of enterprises. So many companies work as part of the global business network and also it has become difficult for managing the network-level agreements from a single enterprise resource planning system. The solution helps buyers and sellers to operate as a network which can automatically keep the track of the total volumes and spend by using the globally agreed terms and pricing.
EY Opschain network procurement helps the network level-business processes outside of a single ERP system and also into a shared blockchain-based smart contract. It is built upon the EY experience along with the other procurement activities which include software royalty calculations which are shifting to blockchain-based contract by compressing the cycle times more than 90% and also cut of costs by 40%.
Paul Brody who is the EY Global Blockchain leader said that competition is increasing more between the network companies and also with their partners and suppliers. And the ability to work as a network above any level of a single ERP system is actually very crucial. Also by doing so on public blockchain means is actually not having to persuade suppliers or company to join as costly and also closed proprietary network.
EY Opschain network procurement uses different types of open-source components such as baseline protocol and also runs on the Public Ethereum Blockchain Network. Companies can access the solution mainly through blockchain.ey.com and by making use of an initiative web user interface and programming interfaces(APIs) which will help in enabling direct integration with their ERP systems. Also, this approach helps in offering the superior security and reliability of the public network which is built on the open-source along with the absolute freedom for changing the solutions and vendors.
