Quick Intake
One of the hottest blockchain update – EY launches supplier procurement blockchain Enterprise solution!
So what’s the big thing it brings to us? What does it bring to Enterprises? What does it do? etc etc are some of the questions that we need/wish to understand in this regard.
Well, let’s try to decode and understand it in our own simple terms.
Firstly, EY along with ConsenSYS has launched an enterprise blockchain platform that can be adopted by the participating companies who wish to use this network in their supply chain management solution.
It’s interesting to note that the platform provides much more than tracking and creating Immutable data records, it does provide the smart contract support where the bulk contractual terms can be bought on to the top of the Platform and thus can be deployed to automatically trigger the consequences.
For example – We can conduct the Supplier biddings on Blockchain, Quality certifications of Products, Traceability of Products origin, Settling Liabilities etc on the top of Blockchain for better transparency and Security.
The solution is called OpsChain which is currently in Beta stage and is available as free of cost to enterprises
The Solution works on the top of Ethereum which is considered as the best platform for Enterprise blockchain solutions citing its Scalability and ease in design and deployment, Consensus Protocols
Ideally, to have a blockchain system in place by any enterprise, it needs to deploy a lot of hardware and software resources. But with the increase in B-Paas, Blockchain platform as a service, Enterprises can easily integrate their existing ERP to Blockchain Networks using API’s (Thanks to such API’s and Oracles)
So with the minimum cost and within less time frame, any enterprise that wishes to have the blockchain solutions in place can adopt such technologies.
To sum up, EY blockchain solution OpsChain offers enterprise blockchain solutions to companies as a custom solution to deploy and play
Something amazing and Wonderful right ???
Maybe we need to give credits to COVID for bringing such a revolutionary time leading in Tech adoption and the Fintech revolution
To name a few such Application from other Industry Giants –
Accenture has its True Supplier Marketplace launched eight months ago.
Chainyard, with support from IBM, launched the Trust Your Supplier blockchain in August 2019.
(The above two solutions works on the top of Hyperledger Fabric)
Happy Reading…
Yesterday consulting firm EY unveiled a blockchain solution enabling companies to deal with supplier procurement on the public Ethereum blockchain securely. The EY OpsChain Network Procurement solution aims to turn complex supplier agreements into smart contracts. It’s part of EY’s OpsChain blockchain offerings that include traceability and contract management. Most of EY’s blockchain solutions are based on Ethereum, both the public and private versions.
EY describes the offering as enabling buyers and sellers to operate as a network to keep track of volumes and spend, as well as current terms and pricing. This is reminiscent of one of EY’s first publicized blockchain projects, a game developer royalties solution for Microsoft’s Xbox Live. EY claims that the initiative compressed cycle times by 90%+ and reduced costs by 40%.
Paul Brody, EY Global Blockchain Leader, is a strong proponent of public blockchain and Ethereum.
“Competition is increasing between networks of companies, their partners and suppliers. The ability to work as a network, above the level of any single ERP system, is crucial. Doing so on a public blockchain means not having to persuade a company or supplier to join a costly, closed proprietary network,” said Brody.
The procurement offering integrates with ERP systems using application programming interfaces (APIs).
It also uses the Baseline Protocol, an open-source set of middleware-style tools developed by EY with ConsenSys and others. Baseline aims to attract enterprises to get more comfortable using public Ethereum by adding layers of privacy, not just to data but also to smart contract logic.
The beta version of EY OpsChain Network Procurement is available for free to individuals.
Most corporate announcements claim to be a first. But in this case, we believe EY’s solution is probably the first public blockchain procurement offering from a major consulting firm. Accenture has its True Supplier Marketplace launched eight months ago. And Chainyard, with support from IBM, launched the Trust Your Supplier blockchain in August 2019. Both the Accenture and Chainyard offerings use enterprise blockchain Hyperledger Fabric.
Contract management firm Icertis also has a blockchain offering used by Mercedes.
However, some industries are exploring sector-specific solutions. For example, MediLedger is working on contracts for the pharmaceuticals sector, where its solution is based on an enterprise version of Ethereum.
