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What is Lightning Network?
The Lightning Network for Bitcoin facilitates instantaneous payments, offering quick blockchain transactions that circumvent the typical wait associated with block confirmations. It boosts security through smart contracts on the blockchain, negating the requirement for distinct on-chain transactions for every payment. Users can enjoy transaction times that vary from milliseconds to just seconds. This innovative network features impressive scalability, able to manage millions or even billions of transactions every second, significantly eclipsing the capacity of conventional payment systems. Moreover, it allows payments to be tied to specific actions or clicks without relying on intermediaries. Another advantage is its cost-effectiveness, as off-chain transaction settlements lead to significantly reduced fees, enabling groundbreaking applications such as real-time micropayments. The Lightning Network also facilitates cross-chain atomic swaps that can be executed instantly and off-chain, given that the involved blockchains share the same cryptographic hash function. This capability for interoperability among various blockchain systems introduces exciting opportunities for smoother financial exchanges. With its dynamic features, the Lightning Network is set to revolutionize the way transactions are conducted in the digital realm.
What is EY OpsChain Contract Manager?
Procurement acts as a critical link for organizations to connect with their external business partners. As the networks of suppliers and buyers become increasingly intricate, many organizations find themselves using outdated technologies and processes to manage these relationships. Although procurement teams are adept at negotiating favorable contracts, they often struggle with effectively implementing them in practice. Historically, the functions of legal, procurement, supply chain, and finance have worked in silos, focusing on optimizing their individual processes without any unified integration. This situation is exacerbated by traditional ERP systems that fail to efficiently handle business rules and volume discounts across multiple divisions, subsidiaries, and partners. As a result, the growing complexity surrounding contract execution leads to substantial contract leakage within large organizations, causing a noticeable gap between negotiated savings and the actual savings realized. Therefore, it is essential for organizations to reassess their procurement strategies in order to bridge this gap and improve overall operational efficiency. By adopting more modern and integrated approaches, businesses can better align their procurement functions with their broader operational goals.
Integrations Supported
1ML
Alchemy Pay
Bitcoin
BlueWallet
Cash App
Eclair Mobile
Fountain
Impervious
Keet
LNPay
Integrations Supported
1ML
Alchemy Pay
Bitcoin
BlueWallet
Cash App
Eclair Mobile
Fountain
Impervious
Keet
LNPay
API Availability
Has API
API Availability
Has API
Pricing Information
Pricing not provided.
Free Trial Offered?
Free Version
Pricing Information
Pricing not provided.
Free Trial Offered?
Free Version
Supported Platforms
SaaS
Android
iPhone
iPad
Windows
Mac
On-Prem
Chromebook
Linux
Supported Platforms
SaaS
Android
iPhone
iPad
Windows
Mac
On-Prem
Chromebook
Linux
Customer Service / Support
Standard Support
24 Hour Support
Web-Based Support
Customer Service / Support
Standard Support
24 Hour Support
Web-Based Support
Training Options
Documentation Hub
Webinars
Online Training
On-Site Training
Training Options
Documentation Hub
Webinars
Online Training
On-Site Training
Company Facts
Organization Name
Lightning Network
Date Founded
2015
Company Website
lightning.network/
Company Facts
Organization Name
EY
Company Location
United Kingdom
Company Website
www.ey.com/en_us/blockchain-platforms/contract-manager