Ernst & Young Unveils Tool for Scrutinizing Bitcoin Trades & On-Chain Data
Multi-national professional services network Ernst & Young has introduced a new tool for scrutinizing on-chain data including Bitcoin (BTC) transactions.
The latest Explorer and Visualizer tool was unveiled as one of the tools under the EY Blockchain Analyzer product suite. As per the media release, the beta variant is now offered free of cost for individuals.
The Big Four accounting firm also stated that it won’t be long for the service to be made available on its website powered by blockchain. Users will be able to make use of search functions in addition to visualization technology.
It will permit audit groups to study and monitor on-chain info by searching for particular dealings, blocks and addresses. They may then scrutinize the collected info to administer legal, fraud and compliance threats.
Andrew Gordon, head of EY global forensic and integrity services, stated that the Explorer and Visualizer solution will turn financial reporting for blockchain powered transaction a simple process. It will assist “highlight potential outliers including fraudulent red-flag activities.”
Furthermore, EY has rolled out a fresh procurement tool, named EY OpsChain network Procurement, on its OpsChain platform. The blockchain solution is intended to facilitate firms to privately and safely carry out end-to-end procurement activities on the Ethereum blockchain.
The software, presently offered as beta version, facilitates shifting of business related operations from enterprise resource planning (ERP) systems to blockchain powered smart contracts (shareable), paving way for automatic monitoring of volumes and worldwide expenses. The tool is also anticipated to assist buyers and sellers have uniformity and operate under worldwide recognized terms and pricing.