Tuesday, November 24, 2020
Home Uncategorized EY Launches Blockchain Platform for On-Chain Data Tracking 

EY Launches Blockchain Platform for On-Chain Data Tracking 

Data tracking and analytics for the cryptocurrency industry continues to be a focal point for companies and governments as the industry grows. Hoping to alleviate issues, top accounting and financial services provider Ernst & Young (EY) has released a new tool to help track on-chain data in real-time. 

Data Tracking and Procurement Made Easy

According to an announcement over the weekend, EY confirmed that it had launched a new Explorer and Visualizer solution, as part of its EY Blockchain Analyzer product suite. Using the tool, users would be able to use search functionalities with visualization techniques to explore on-chain data for specific addresses, blocks, and transactions. 

From there, the data can be gathered and presented to help manage compliance and fraud risks. Andrew Gordon, the company’s global forensic and integrity services director, explained that the solution would improve convenience for financial reporting, via blockchain-based transactions. In part, he said:

“As blockchain-enabled transactions continue to gain momentum, organizations require state-of-the-art technology to deliver confidence in financial reporting…The Explorer & Visualizer solution allows management to build these capabilities by analyzing blockchain data to highlight potential outliers including fraudulent red-flag activities.” 

EY added that the product’s beta version is now available for individual testing, while it will soon launch it entirely on its blockchain website. 

Paul Brody, EY’s Head of Global Blockchain, added that this is the second product that the company will launch in its blockchain suite. The firm has also launched the EY OpsChain Network Procurement, a procurement service that improves process safety and privacy through the Ethereum blockchain.

In a separate press release, EY explained that the procurement solution uses several open-source components and runs on Ethereum’s public blockchain. Companies can easily integrate it and use its UI and API to ensure direct integration with their ERP systems. 

The solution reportedly supports network-level business processes by moving them into a shared smart contract. As the accounting firm explained, it could potentially cut cycle times by 90 percent and save 40 percent of costs.

EY’s Commitment to the Blockchain Industry Continues 

EY has become perhaps the most prominent of the Big Four accounting firms when it comes to relations with the crypto space. Through partnerships with leading industry firms and a host of products, the company has proven to be committed to playing a role in developing the industry. 

In July, it also delved into the crypto industry by publishing an app to help investors with tax reporting. 

The app, which EY dubbed EY CryptoPrep, is a fully automated, web-based Software as a Service (SaaS) product targeting American crypto investors. The app takes data from several exchanges and cryptocurrencies; then, it applies relevant regulations to complete an investor’s Form 8949. Users can also decide to use the program independently or have it as part of a managed service.

Marna Ricker, EY America’s Vice-Chairman of Tax Services, explained that the company developed the app after noticing widespread interest in cryptocurrencies. 

“Our clients increasingly hold and trade crypto assets, creating the need for an innovative solution to address the evolving complexity around filing crypto taxes,” she said in part. 

Popular Articles

PayPal Starts Laying Foundations For Crypto Payments Service

Bitcoin’s markets are at its most bullish it’s been since the great bull run of 2017, with billionaire investors piling into the hype this...

Why Ripple (XRP) Soared 140% This Week to Reclaim Third Spot From Tether

In a surprising turn of events, Ripple’s XRP is up 140% this week, making it the biggest top ten gainer of the past seven...

Bitcoin’s “logical” market cap limit (for now) is gold’s $9 trillion valuation: trader

Bitcoin has undergone a strong rally since the lows of September and October.From the mid-October lull at $11,200, the coin has rocketed over 60...

Financial Giant SBI Wants to Borrow Your Bitcoin

Japanese financial services player SBI will borrow Bitcoin at a 1% annual interest rate starting today, as per an announcement. The so-called cryptocurrency ‘renting’ program...

XRP Price Nearly Hits $1 on Coinbase in Sudden Pump

In brief XRP's price momentarily hit $0.92 early this morning. The price has since dropped to $0.65. The general increase in XRP's price has coincided with Bitcoin's...

Bitcoin market cap hits new all-time high and surpasses JPMorgan at $352M

Amid an ongoing parabolic bull run, Bitcoin (BTC) is breaking another major milestone in terms of its market capitalization against American banking giant JPMorgan. On...