The renowned accounting firm uses blockchain solutions to make its service network more transparent and traceable.
EY – a Big Four accounting firm – launched a new application programming interface (API) for its blockchain platform, allowing enterprise users to transact on public blockchains without dealing with the complexity of entire DLT systems.
EY OpsChain, part of the giant’s blockchain platform, is a subsidiary dedicated to solving issues in procurement, supply chain, and traceability through the use of notarization and tokenization. The newly announced EY OpsChain API services will allow users to then move across the supply chain network via blockchain mainnets such as Ethereum and Polygon.
The company revealed that initial services will support token standards, including ERC- 721, ERC-20, and ERC-1155, to ease the prior difficulties in supply chain management. Enterprises can thus deploy token contracts and mint or burn coins. EY outlined the adoption of the new API as which:
“The EY OpsChain API services take typical enterprise system outputs, such as serialized parts, batches or products, and turn that into unique blockchain tokens carrying history and origin information.”
EY’s Global Blockchain Platform Lead Sam Davies said enterprises could tokenize output by adopting the new API that will help simplify the production system. He also noted that the team had used the system to distribute 8,000 NFTs internally as a New Year’s greeting to its employees.
“Clients can take output directly from a production system and turn it into tokens. The highest volume of tokens being minted by APIs with similar functionality is as high as 60,000 tokens in a single day. “
EY blockchain solutions have covered different fields of its business, attempting to transform its practices in tax calculation, procurement, traceability, and more. According to its website, the solutions target the whole business lifecycle – ranging from contracting, ordering, fulfilling, and invoicing to payments.
The company positions its blockchain strategy to “digitalize and integrate supply chains by connecting business operations and finance at the ecosystem level,” as it sees DLT’s potential to change the dynamics of system integrations for businesses, governments, and academia.
As a multinational professional services network, the giant considers standardized apps and tokens on blockchain as a better alternative for integrating customized systems.
Featured Image Courtesy of Yahoo
Jay Zhuang is a journalist and artist with a background in digital art curation. He started writing about cryptocurrency in 2020 and began contributing to DAOs in 2021. He can be reached on Twitter.
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