Ernst & Young has shaken hands with this altcoin project for supply chain management incorporating zero-knowledge proof technology. It marks the first joint project between the accounting firm and an Ethereum scaling platform.
Ernst & Young announced its partnership with this altcoin project
Big Four accounting and consulting firm Ernst & Young created a Blockchain-based supply chain manager for Polygon (MATIC) that aims to solve bottlenecks in tracking products as they go to market. explained.
OpsChain Supply Chain Manager, now in beta, is the first collaborative project since the collaboration between Ernst & Young and Ethereum scaling tool Polygon began last September.
What does OpsChain provide to the ecosystem?
The project aims to overcome bottlenecks throughout supply chains combining product traceability and inventory management. Organizations will create cryptocurrencies to represent assets and inventory that the OpsChain administrator will then track throughout the supply chain network. Scaling networks like Polygon are designed to ease the load on a base layer Blockchain like Ethereum by processing transactions on a sidechain to reduce congestion and costs.
, the network that combines the fruits of the labor of two organizations, Polygon Nightfall offers zero-knowledge proof-based privacy technology, ensuring that only selected parties can see the full history of monitored assets. Also, while supply chain management is often cited as a compelling use case for Blockchain technology, businesses may have stopped adopting such tools due to the lack of privacy in transactions.
Polygon’s corporate leader, Antoni Martin, comments on the partnership:
This is exactly the kind of commercial use case we envisioned when we started building and deploying the Polygon Nightfall network. Institutional use cases outside of financial services are still not widely developed. Privacy tools open up a whole new world for us.
About Ernst & Young
Ernst & Young is an international auditing and consulting services firm operating in approximately 140 countries around the world. Deloitte is considered one of the Big Four firms along with PricewaterhouseCoopers, KPMG. The CEO of the company is Carmine Di Sibio, an Italian-born American business executive.
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