Ernst & Young (EY) has introduced a contract management platform powered by blockchain. The platform allows businesses to use the transparency of blockchain for contracts while safeguarding sensitive data. EY OpsChain Contract Manager uses the Polygon proof-of-stake system, though it's promoted as an Ethereum network leverager. EY Blockchain plans to transition their Nightfall system to Ethereum's mainnet, functioning as a Layer-3 protocol after the next upgrade. Initially developed on Ethereum, Nightfall switched to Polygon due to lower transaction costs. EY also stresses the importance of public blockchains, such as Ethereum, for future blockchain applications in big business. The company has developed Starlight in addition to Nightfall, which are tools designed to provide privacy on the blockchain. The public nature of these blockchains allows for cost-effective deployment for businesses.
Read in-depth analysis on this topic at: https://theweb3.news/crypto/how-ey-is-changing-the-game-for-enterprise-contracts-with-blockchain-technology/
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