EY, a Big Four accounting firm, has released a new application programming interface (API) for its blockchain platform, allowing business users to transact on public blockchains without dealing with the complexity of full DLT systems.

New API for EY OpsChain

EY OpsChain, part of the giant’s blockchain platform, is a subsidiary dedicated to solving procurement, supply chain and traceability issues through the use of notarization and tokenization. The recently announced EY OpsChain API services will enable users to move across the supply chain network via major blockchain networks such as Ethereum and Polygon.

The company revealed that the initial services will support token standards, including ERC-721, ERC-20, and ERC-1155, to alleviate previous difficulties in supply chain management. Therefore, companies can implement token contracts and mint or burn coins. EY described the adoption of the new API as being:

“EY OpsChain API services take typical enterprise system outputs, such as parts, batches, or serialized products, and convert them into unique blockchain tokens that carry historical and origin information.”

EY Global Blockchain Platform Leader Sam Davies said companies could tokenize production by adopting the new API that will help simplify the production system. He also noted that the team had used the system to internally distribute 8,000 NFT as New Year’s greetings to their employees.

“Clients can get results directly from a production system and convert them into tokens. The highest volume of API minted tokens with similar functionality is 60,000 tokens in a single day. “

EY blockchain solutions

EY blockchain solutions have covered different fields of its business, trying to transform its practices in tax calculation, procurement, traceability and more. According to its website, the solutions focus on the entire business lifecycle, from contracting, ordering, fulfillment, and billing to payments.

The firm positions its blockchain strategy to “digitize and integrate supply chains by connecting business operations and finance at the ecosystem level,” as it sees the potential of DLT to change the dynamics of system integrations for enterprises. , governments and academia.

As a multinational network of professional services, the giant considers standardized applications and tokens on the blockchain as a better alternative to integrate custom systems.

Featured image courtesy of Yahoo

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This post EY scales its blockchain API services to improve supply chain management

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