EY announced the launch of the second generation of EY Ops Chain, the organization’s flagship solution for the industrialization of blockchain technology for enterprise users. EY Ops Chain is now one of the world’s leading blockchain business applications, with seven use cases across the food and beverage, health care, financial services and asset management industries, as well as enterprise functions such as supply chain, procurement and asset management.
Since its debut in April 2017, EY Ops Chain has combined the broad range of consulting, tax and audit experience of EY to drive enhanced business performance and growth. The solution allows enterprises to represent their operations on a blockchain using digital tokens and smart contracts. Using EY Ops Chain, companies can set up and manage networks of business partners and then run shared processes across the entire ecosystem including procurement, inventory, logistics, invoicing and account management.
Significant upgrades have been made to the second generation of EY Ops Chain, which will support up to 20 million transactions per day on private networks, advanced token technology enabling financial services functionality to be integrated into assets and the development of a library of smart contracts that automate standard business processes. As a result of integration across enterprises, early users are seeing performance speed improvements of more than 90% in some processes.
Through the asset traceability module of EY Ops Chain, EY has tokenized more than 11 million bottles of wine for multiple clients. In addition to wine, EY clients are also tokenizing chickens, eggs and other fresh produce using EY Ops Chain. Most recently, the Spinosa company has started doing so with mozzarella cheese DOP (denomination of protected origin).
In an animal healthcare industry use case, Merck Animal Health is participating in an exploratory pilot solution on the EY Ops Chain platform to trace animal vaccines.
In addition to the second generation of EY Ops Chain, EY has announced a suite of blockchain solutions and upgrades at the EY Global Blockchain Summit, including the release of the first generation of EY Ops Chain Public Edition into the public domain, as well as the launch of EY Smart Contract Testing and the second generation of EY Blockchain Analyzer.