EY OpsChain Contract Manager
Revolutionize how you manage contracts using blockchain technology.
As digitally enabled businesses scale globally, so do their contractual engagements. Often contracts are signed only to have important details forgotten when the contract is implemented. EY OpsChain Contract Manager (OCM) revolutionizes how enterprises help manage their contracts by harnessing privacy-enabled blockchain technology to streamline processes and enhance transparency.
Contract Wizard
User-friendly interface to assemble contract terms into a customizable business flow.
Streamline the creation of contracts through a no-code interface, helping enable collaborative customization, role definition, event chain design, and external input integration.
Contract Privacy
Using the latest privacy technology across the power of public blockchain.
Implement the power of zero-knowledge proof methodology to help provide critical contract terms, transaction details, and value chain confidential information remain shielded, granting enhanced privacy.
Real-Time Monitoring
Real-time checks
Automatically help reconcile contract terms with real-time checks, monitor policy adherence, and receive instant alerts on discrepancies, while helping prevent transactions not compliant with the contract terms from passing through.
Plug in and play
Experience the ease of integration with API-enabled features, including compatibility with Electronic Data Interchange (EDI) messages. Seamlessly plug into the world of OCM, effortlessly integrating with your existing systems.
Build, test, and deploy directly from the developer environment through the robust API, gaining a full control over your contract management processes.
Dynamic Parameters
Integrates adaptable parameters into contracts.
This allows automatic adjustments to shifting market conditions and other variables. Value: Keeps contracts relevant and equitable over time without manual renegotiation, saving time and preserving the integrity of agreements.
EY OpsChain Contract Manager plans
Basic
Plan for applications with low volume of transactions
Polygon or Ethereum
Private smart contract deployment
External System Integration
900 transactions/month
Multiple Contract Templates
Administrator console for managing API usage
Standard support
US$ 900/month*
* The price includes gas fees when running on Polygon network
Paid monthly / 12 Months subscriptions
Enterprise
Plan for enterprises running high volume of transaction
Polygon or Ethereum
Private smart contract deployment
External System Integration
Tailored transactions/month
Multiple Contract Templates
Administrator console for managing API usage
Standard support
Standard SLA’s
Paid monthly / 12 Months subscriptions
Efficient contract management
OCM simplifies the contract management process. By removing intermediaries and Increases organizational efficiencies, OCM helps make contract processes fast and cost-effective.
Reduce value leakage
Build contracts that helps to confirm every transaction aligns with the agreed-upon terms, effectively safeguarding against value leakage and that maximum value is derived from every agreement.
Enhanced transparency and trust
OCM helps make sure that every transaction is securely and transparently recorded on a public blockchain. Providing tamper-proof records, giving stakeholders confidence in the integrity of every agreement.
Error mitigation
OCM is designed to alert users of any discrepancies in real-time. By stopping transactions that deviate from the agreed contract criteria, OCM effectively prevents erroneous contract fulfilment, safeguarding the interests of all parties involved.
Thought Leadership
Explore what EY leaders have to say and learn how blockchain could help your organization.
The team
Paul Brody
EY Global Blockchain Leader
Konstantin Nikolaev
EY OpsChain Global Product Manager
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Frequently Asked Questions (FAQs)
What is blockchain?
Blockchain is a type of distributed ledger technology that allows data to be stored across multiple systems in a secure, tamper-proof manner. It stores data in blocks, each one linked to the next via cryptographic signatures, creating a chain. This chain ensures that records cannot be altered without the changes being visible to all participants. Blockchain provides the foundational elements that support OCM.
Why do I need a blockchain-based solution for contract management?
Implementing a blockchain-based solution for contract management like OCM has several benefits. Often, once a contract is signed, those involved in executing the contract sometimes cannot easily recall the details of the agreement. OCM fosters transparency and traceability, helping provide all parties with one version of the truth. Smart contracts efficiently automate the enforcement of terms, which reduces the likelihood of dispute. Furthermore, with Zero-Knowledge Proof technology (ZKP), confidential information can be validated without exposing the data, ensuring privacy is maintained. Blockchain’s immutable nature, meanwhile, provides a reliable audit trail, enhancing accountability and confirming any decisions made are based on current and complete contract information.
What type of contracts can OCM handle?
OCM is designed to handle a wide range of contracts, including sales, procurement, and partnership agreements. Its versatility makes it suitable for a comprehensive number of industries and business models.
How does OCM protect the privacy of contract terms and conditions?
OCM uses ZKP technology to help provide privacy of all contract terms and conditions. This cryptographic method allows parties to verify the accuracy of information without revealing the information itself.
How does OCM integrate with ERP systems?
OCM integrates seamlessly with ERP systems using Electronic Data Interchange (EDI). EDI allows for the structured transmission of data between different software systems, effectively enabling OCM to exchange necessary contract data with existing ERP systems.
What doesn’t OCM do?
While OCM streamlines contract management and increases transparency, it is not a replacement for ERP systems or other business operation systems. It won’t automate routine tasks or replace human decision-making. Rather, its primary function is to help improve accuracy and consistency in contract execution and compliance, thereby reducing errors and inefficiencies.
What industries can benefit from OCM?
OCM can benefit various industries that rely heavily on contract management, such as manufacturing, retail, healthcare and finance, among many others.
Can you provide use cases for OCM?
OCM is highly versatile, with use cases across a multitude of sectors. In the procurement industry, it can handle complex multi-party contracts, enabling efficient tracking and execution of agreed terms. For royalty and subscription management, it helps ensure accurate and timely disbursement of payments, according to contract terms. Power Purchasing Agreements (PPA) can benefit from OCM by securing the agreed energy transaction terms and prices. In the insurance sector, OCM can streamline policy management and claims processing. Overall, any industry or sector that relies on complex contractual relationships can benefit from the transparency, accuracy and efficiency offered by OCM.
Do my vendors need to also have an OCM license to achieve benefits?
No, your vendors don't necessarily need to have their own OCM license to achieve benefits. OCM is designed to streamline the contract management process primarily for the license holder. However, having both parties on the OCM platform can amplify the collaborative, transparency, and efficiency benefits. Vendors can still interact with your smart contracts and follow the terms defined, even if they're not OCM license holders. But, for a more seamless and integrated experience, it is recommended for key partners and vendors to also consider adopting OCM.
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