Multinational professional services network Ernst & Young Global Ltd. (EY) has announced offering blockchain solutions on Ethereum and Financial Blockchain Shenzhen Consortium (FISCO) Blockchain Open Source (BCOS) platform. This will be attained in cooperation with the Blockchain Service Network (BSN). The final deployment, however, will be subjected to regulatory approval.
Ernst & Young has announced on joining the Financial Blockchain Shenzhen Consortium (FISCO), a non-profit organization for blockchain financial applications. The global multinational company will use the Blockchain Service Network (BSN) to offer its EY Blockchain Analyzer and EY OpsChain in China and across the EY Asia-Pacific region on the FISCO BCOS platform.
The FISCO BCOS platform offers multiple features ranging from group architecture, cross-chain communication protocols, pluggable consensus mechanics, and privacy protection protocols. The included services will help make the services of EY regulatory compliant in China.
In an announcement release, Jimmy Ong, EY Asia-Pacific Blockchain Leader, said:
"Expanding the availability of EY blockchain solutions with the FISCO BCOS platform and BSN is a key strategic move and a major step forward to support the rapid adoption of blockchain in China and across the globe.”
EY will also use Blockchain Service Network (BSN) in its forthcoming controlled-access service to help enable regulatory-compliant access to the Ethereum network in China. Authorities in China are already looking towards blockchain technology for digital transformation.
The multinational professional service network will help accelerate this by leveraging the FISCO BCOS platform to broaden blockchain solutions in the Chinese market. The initial service will be focused on an open permissioned version of Ethereum in China with a future extension to a controlled-access version of the Ethereum network globally.
Yifan He, executive director, BSN Development Association, commented:
“The EY organization’s position as the world leader in business applications on the public Ethereum network, and its large investment in assurance technology, is a great addition to our organization and will help create significant value for our users.”