OpsChain Supply Chain Manager on Nightfall, a Layer 2 Ethereum blockchain co-developed with Polygon by EY, one of the Big Four accounting organisations, has been deployed.
OpsChain Supply Chain Manager is one of the first apps for businesses to monitor supply chains that Nightfall and the two companies have released as part of its beta release today.
In order to function, OpsChain will enable businesses to generate tokens that are either fungible or non-fungible (NFTs). These tokens will be used to represent assets and goods that can be tracked on the Nightfall blockchain, rather than coins. Users of OpsChain will save money and time by avoiding the main Ethereum blockchain altogether and instead transacting on a layer above it.
Using Nightfall’s ZK-proof technology, which makes blockchain transactions quicker and cheaper while simultaneously guaranteeing privacy, OpsChain makes use of OpsChain. In other words, the actual transactional data is encrypted.
According to EY, the Nightfall OpsChain blockchain-based tracking and management solution will enable firms to monitor and manage their supply chains.
It’s a major step forward to manage complicated processes beyond the borders of a company.” “EY OpsChain Supply Chain Manager dramatically broadens the use cases accessible to customers,” stated James Canterbury, partner and EY blockchain leader.
Even while blockchains have long been lauded by supply chain professionals, the absence of anonymity in blockchain transactions has prevented their widespread implementation. While Polygon Nightfall ZK proofs are used by EY, they believe that the product is suitable for the supply chain software industry because of its ability to protect the privacy of sensitive data.