EY has launched a new solution for analyzing the on-chain data, which also includes Bitcoin transactions. These new solutions include a new explorer and visualizer and these have been launched as a part of EY Blockchain Analyzer. This has been announced by the firm on September 27 and also revealed that a beta version is also available for the users.
According to the announcement, it is also specified that the solution will be made available as a service on the blockchain website of the firm. Along with the visualization technology, the users will be able to utilize search functionalities as well. Through this, the audit teams will be able to explore and track on-chain data. Andrew Gordon, EY global forensic and integrity services leaders, has said that these solutions will help to make the financial reporting highly convenient for blockchain-enabled transactions. He also mentioned that both the solutions will also help to “highlight potential outliers including fraudulent red-flag activities.”
EY has recently launched a procurement solution as well. This solution has been launched on the OpsChain platform of the firm and called EY OpsChain Network Procurement. It is believed that this procurement solution will help the companies to conduct end-to-end procurement activities on Ethereum blockchain privately and securely.
The current beta version will be working to move the processes from the resource planning system of the firms to the shared smart contracts that are based on blockchain. Through this, an enterprise will be able to track volumes and global expenditures automatically. With this the buyers will also be able to work on the equal global terms and pricing as well. This will ultimately prove to be of benefit for them.