EY launches EY OpsChain Supply Chain Manager, incorporating zero-knowledge proof technology for business operations

News provided by

May 17, 2022, 08:00 ET

First-ever supply chain traceability and inventory management application for public blockchains built from the ground up with enterprise privacy in mind
Designed for the Polygon Nightfall network

NEW YORK, May 17, 2022 /PRNewswire/ -- The EY organization today announces the beta availability and use of EY OpsChain Supply Chain Manager on blockchain.ey.com, which is a new solution specifically focused on combining product traceability with inventory management across an extended supply chain. While traceability has long been a widely used application by enterprises on public blockchains, the lack of privacy for transactions has limited the adoption of some of the applications by enterprises.

Using Polygon Nightfall's zero-knowledge proof-based privacy technology, which is currently a mainnet beta launch, EY OpsChain Supply Chain Manager can help move and track tokens at scale, with low costs, and the privacy required for enterprise applications such as inventory management. This ultimately allows organizations to create fungible or non-fungible tokens representing assets and inventory, and then transfer those across the extended supply chain network.

By using a combination of Polygon Nightfall's zero-knowledge proof-based privacy technology and off-chain information management, assets can now be moved across the network with privacy, so that only selected parties can see the full history of those assets. Unlike most enterprise systems, information such as inventory status and location is now retained, even as raw materials and products move across the supply chain and between organizations.

James Canterbury, Principal and Blockchain Leader, Ernst and Young LLP, says:

"Managing complex operations across enterprise boundaries is a big step forward. EY OpsChain Supply Chain Manager significantly widens the breadth of use cases available for clients to consider."

Antoni Martin, Polygon Enterprise Lead for Polygon, says:

"This is exactly the kind of commercial use case we envisioned when we set out to build and deploy the Polygon Nightfall network. Enterprise use cases outside of financial services are still not widely developed. Privacy tools open a whole new world for us."

Further information about beta access to the EY OpsChain Supply Chain Manager solution is available at blockchain.ey.com. Users initially receive testnet access upon registration for development purposes, followed by production mainnet access, subject to EY client acceptance protocols.

Notes to editors

About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

Eric Minuskin
EY Global Media Relations
1 (212) 360-9374
[email protected]

SOURCE EY