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EY Launches Blockchain Platform for On-Chain Data Tracking 

EY

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. 

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      Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

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