EY, one of the four largest accounting companies, has released a supply chain monitoring tool called OpsChain Supply Chain Manager on Nightfall, a Layer 2 blockchain co-developed by Polygon and EY.
On May 17, the two companies released the beta version of Nightfall and made OpsChain Supply Chain Manager one of its first supply chain tracking solutions for businesses.
Web3 is ready for enterprise. The #PolygonNightfall Mainnet beta is here!
Nightfall is the most efficient blockchain solution for enterprises, enabling businesses to orchestrate private transactions for use in supply chains & other key business functions.
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— Polygon – MATIC 💚 (@0xPolygon) May 17, 2022
On Nightfall, OpsChain enables enterprises to produce fungible or non-fungible tokens (NFTs). Instead of functioning as cryptocurrencies, the tokens represent the company assets and inventory that can be tracked on the Nightfall blockchain. Since data and transactions generated by OpsChain users are on a layer above the main Ethereum blockchain, they will be much cheaper and quicker.
OpsChain utilises Nightfall’s zero-knowledge (ZK)-proofs, a technique that enables quicker, cheaper, and more private blockchain transactions. This indicates that the real transactional data is cryptographically encrypted.
EY reports that Nightfall-based OpsChain intends to act as a tracking and management tool for supply chains on the Nightfall blockchain.
EY launched OpsChain Supply Chain Manager on Nightfall. Image: Polygon
James Canterbury, partner and blockchain leader at EY, said managing complicated operations across corporate borders is a significant step forward. Thanks to the EY OpsChain Supply Chain Manager, the range of use cases is dramatically expanded for customers to consider.
Experts have long advocated for using blockchains in supply chain tracking, but the lack of confidentiality in blockchain-based transactions has hindered their implementation.
Nevertheless, since OpsChain employs Polygon Nightfall’s ZK proofs, which EY deems beneficial for protecting sensitive data, the solution will suit the supply chain software industry.