Ernst & Young’s blockchain analyzer with its inbuilt Explorer & Visualizer solutions makes it possible for internal audit teams and accountants to search for specific transactions, addresses, and blocks to gather relevant information.
Major professional services network Ernst & Young (EY) has released a new solution to its blockchain analyzer product suite. Per the official announcement, EY existing blockchain analyzer now has an inbuilt Explorer & Visualizer solution, and helps facilitates the analysis of blockchain activities such as cryptocurrency transactions.
According to Ernst & Young, the blockchain analyzer with its inbuilt Explorer & Visualizer solution makes it possible for internal audit teams and forensics accountants to search for specific transactions, addresses, and blocks to gather relevant information. At present, the initial release will support only Bitcoin, with subsequent releases to onboard the Ethereum blockchain.
“As blockchain-enabled transactions continue to gain momentum, organizations require state-of-the-art technology to deliver confidence in financial reporting, and identification of trends and anomalies in operational activity and performance. The Explorer & Visualizer solution allows management to build these capabilities by analyzing blockchain data to highlight potential outliers including fraudulent red-flag activities,” said Andrew Gordon, EY Global Forensic & Integrity Services Leader in the official press release.
The involvement of such advisory firms as EY, and others like JPMorgan Chase and Co (NYSE: JPM) amongst others is further giving credence to a speedy adoption and integration of blockchain technology. While blockchain transactions increase in momentum, such tools as the EY blockchain analyzer and its associated Explorer & Visualizer will bring enhanced accountability as well as transaction management. The product has also been tipped to help in achieving a secure analysis of transactions on private and public blockchains.
Paul Brody, EY Global Blockchain Leader, says:
“The Explorer & Visualizer solution is the second product to launch on blockchain.ey.com alongside the EY Smart Contract & Token Review service. The goal is to provide a simplified and integrated platform for enterprises to review and analyze secure, reliable business transactions on public and private blockchains. The Explorer & Visualizer solution will be integrated with upcoming releases of EY OpsChain, allowing enterprises to enter into a blockchain contract, execute transactions and track the movement of payments, capital assets and supply chain operations from a single viewpoint,”
EY in the Blockchain Ecosystem
Ernst & Young has an effective involvement with blockchain technology and blockchain entities in the past years. As part of EY’s blockchain advocacy statements, the technology will do for networks of enterprises and business ecosystems what enterprise resource planning (ERP) did for the single company, a mission the firm is solidly positioning itself for.
According to Ernst & Young, “blockchain will integrate information and process within and across enterprise boundaries and has the potential to streamline and accelerate your business processes, increase protection against cybersecurity, and reduce or eliminate the roles of intermediaries.” As an auditing firm, EY has a track record of working with blockchain and crypto-affiliated companies including the embattled payment service provider Wirecard AG (ETR: WDI) among many others. With the new Explorer and Visualizer solution, the company’s tool can be available to many, both individuals and institutions require blockchain analytics tool.