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EY launches new blockchain-based network procurement solution

Wednesday 30th September, 2020

EY has announced the launch of its EY OpsChain Network Procurement solution to help enterprises manage spend globally. The solution allows companies to run procurement activities on the Ethereum blockchain.

It allows buyers and sellers to operate as networks, automatically keeping track of total volumes and spend, and using globally agreed terms and pricing.

EY OpsChain Network Procurement supports network-level business processes by moving those business processes outside of any single ERP system and into a shared blockchain-based smart contract. It builds upon EY experience with other procurement activities, such as software royalty calculations, where shifting to blockchain-based contracts has compressed cycle times by more than 90% and cut costs by 40%, EY said.

Paul Brody, EY Global Blockchain Leader, says: “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.”

The beta version of the solution is available free for individual users on blockchain.ey.com

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