Ernst Young, one of the “Big Four” accounting firms, has chosen Ethereum to introduce EY OpsChain Contract Manager, a contract management solution based on blockchain technology. The solution is set to transition from Polygon to Ethereum and move to Layer 3 in its forthcoming upgrade. These significant steps would encourage big players to jump on the bandwagon of embracing decentralized technologies.
Paul Brody, EY Global Blockchain Leader, says:
We’ve identified from past client work that contract automation can improve accuracy while cutting cycle times by more than 90%, and overall contract administration costs by nearly 40%. With our zero-knowledge privacy technology, we have industrialized this capability, and we can now get these benefits at a fraction of the up-front cost. Deploying on a public blockchain is not only cheaper but also much more scalable, helping enable many-to-many integrations on an open platform with no one company having an unfair advantage by controlling the network.
Enterprise-level businesses suffer from internal fragmentation, making it hard to track and qualify for agreed-upon discounts and rebates. Ethereum, being the pioneering leader of smart contracts, can bridge this gap by not only aggregating spending across in-house systems but also external business partners.
Additionally, as a public blockchain, Ethereum operates on a decentralized framework that provides a secure and trustworthy environment. This prevents favoring either a buyer or a seller and helps reduce the expenses associated with establishing and maintaining a private network.
Ethereum Surpasses Bitcoin To Register Higher Correlation With Stock Indices
The smart contract platform is gradually becoming the leading indicator of the crypto market to mirror the movements of major stock indices such as the Nasdaq 100. Recent data from InToTheBlock revealed that ETH is displaying a higher correlation with the traditional financial markets. The remarkable shift has caught the attention of both investors and analysts, who are monitoring the potential implications for investment strategies and market behavior.
This increased correlation could be due to many reasons. But the most logical explanation could be Ethereum’s ongoing developments and the overall adoption of its blockchain technology in various sectors. Most importantly, its transition to a proof-of-stake model, known as Ethereum 2.0, and the recent upgrades. All these could potentially redefine market strategies, more in line with traditional stocks, particularly those comprising the tech-heavy Nasdaq 100.