• Tue. Jun 25th, 2024

EY Launches Supply Chain Service Using Polygon’s Blockchain Technology

Hassan Mehmood

ByHassan Mehmood

Jun 12, 2022

OpsChain is a novel logistics tracking service that is based on blockchain technology. The supply chain management system is developed on the layer-two project on the Ethereum network called Polygon. The services were tested and acquired by EY, which is considered one of the top 4 accounting firms in the United States.

EY management has shared that the company is planning to employ the new application formally for commercial uses. The project is named Nightfall, and its beta version is set to go live within 24 hours.

This unique application will allow businesses to track supply chain data that cannot be changed or manipulated easily. The technology also ensures greater accessibility and updating ability that will allow the stakeholders to track their data in real-time.

OpsChain NightFall beta version will allow the users to create NFTs that will work as crypto tokens. The task of these tokens is to represent the given amount of inventory and other relevant data concerning the time.

This type of data creation and recording is automated to a great extent, and it is also much more cost-effective. The developers of the project chose to create a platform called Nightfall to support OpsChain.

In this manner, the NFTs or data tokens are not going to be generated or hosted on the Ethereum network. Therefore, their production and transaction costs are going to remain exponentially lower. NightFall makes use of the Zero-knowledge proofing mechanism that adds a layer of data security and privacy. The data transfer cannot be disrupted at an end since it will be encrypted with cryptography.

Advantages of OpsChain for the Supply Chain Industry

James Canterbury is the head of the blockchain at EY. Speaking to the media recently, he claimed that OpsChain is a great program to manage mega supply chain projects.

He called the transition a big and important step. Several blockchain experts have already predicted that supply chain management is going to improve significantly with the introduction of blockchain innovations into the industry.

However, with Nightfall and OpsChain, the time will tell the percentage of improvement and progress. It is worth noting that Nightfall uses the ZK proofing model that has removed the doubts around data privacy with blockchain supply chain applications.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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