As per the media release, Ernst & Young will install its blockchain tools on the Ethereum blockchain, in addition to Blockchain Open-Source platform, which is managed by Tencent-aided Financial Blockchain Shenzhen Consortium (FISCO).
Via the Chinese national blockchain venture – the Blockchain-based Service Network – Ernst & Young will straight away offer two of its blockchain tools, namely EY Blockchain Analyzer and EY OpsChain.
The tools will be offered to China-based users and also to those in the Asia-Pacific region. OpsChain, which was structured for business engagements via private and public blockchains, will be the foremost Ernst & Young tool to be installed on BSN.
As per media release, the accessibility to the service will be based on regulatory clearance. The executive director of BSN Development Association, Yifan He, stated that EY will require clearance from the State Information Centre of China. He further pointed out that as per rules laid out by Cyberspace Administration of China, operating public chain nodes is not legal in the country.
However, he underlined that “an IT system in China to access public chain nodes outside China is not illegal.”
“Because EY will mostly deploy the related products on framework FISCO BCOS, we have been working together to do integration for a while.”
Paul Brody, chief of EY Global Blockchain, stated that the latest development is a crucial step in linking large economies across the globe via blockchain technology:
“China is one of the largest markets for blockchain technology in the world, and this is the EY organization’s first big step in deploying the EY blockchain platform in a scalable manner. By offering both FISCO BCOS and Ethereum, EY professionals will serve clients within China and across the Asia-Pacific region and connect those users to the global blockchain.”
FISCO BCOS, an open source and token less blockchain platform, was specifically built for developers of a new range of financial services. Top domestic Chinese Enterprises such WeBank, Huawei, Tencent Cloud and Shenzhen Securities Communication are among the founding members of the venture.
Back in 2019, BSN, a government aided program aimed at helping companies implement blockchain based applications, opted for FISCO BCOS as the technology framework.