EY Launches Fourth-Generation Blockchain Analyzer to Enhance Internal Risk Management
The EY organization has introduced the fourth iteration of its EY Blockchain Analyzer, named Reconciler, to assist enterprises in accessing wallet addresses and querying on-chain data from a third-party source to bolster their internal risk management. Fidelity Digital AssetsSM, a subsidiary of Fidelity Investments specializing in developing solutions for institutional digital asset adoption, has become the first enterprise to leverage this web-based analytics tool. The tool is accessible via EY Blockchain’s Software as a Service (SaaS) platform.
Empowering Enterprise Adoption
Since 2018, EY’s audit teams have utilized an earlier version of the web-based EY Blockchain Analyzer: Reconciler for audit procedures related to reconciling off-chain financial records with on-chain data for clients. Now, this powerful tool is made available for broader enterprise usage.
Paul Brody, EY Global Blockchain Leader, noted that with the rapid expansion of the global digital assets market, achieving operational excellence and robust internal risk management is crucial for cryptocurrency platforms. This is not only essential for gaining a competitive edge but also for building trust among investors and regulators. He further expressed EY’s enthusiasm about Fidelity Digital AssetsSM selecting the EY Blockchain Analyzer: Reconciler, emphasizing that the tool offers an easy-to-use, web-based interface that facilitates the querying of on-chain data for cryptocurrency-related workflows.
Fidelity Digital AssetsSM: Harnessing Analytical Capabilities
Fidelity Digital AssetsSM is set to harness a subset of the capabilities offered by EY Blockchain Analyzer: Reconciler. The tool provides the capability to present analytical dashboards that help identify matches and discrepancies in transactions, wallet address balances, and digital signatures.
Michael O’Reilly, Chief Operating Officer of Fidelity Digital AssetsSM, highlighted the importance of stringent oversight in the digital assets market. By incorporating EY’s technology for extracting data from the public blockchain to enhance their internal risk management processes, Fidelity Digital AssetsSM aims to fortify its commitment to providing a secure and transparent trading environment for its customers.
Evolving EY Blockchain Analyzer
Over the past six years, the EY Blockchain Analyzer suite of tools has undergone substantial developments, supported by a multimillion-dollar investment. These tools are now available for enterprise use, subject to client acceptance. As part of EY’s ongoing roadmap, their engineering teams are continually enhancing the suite by adding support for blockchain data across multiple chains in response to client demand. This includes accommodating the evolving requirements of clients, such as additional blockchains, xpub Address Derivation, block explorers, and staking.
Exploring EY Blockchain Analyzer: Reconciler
Enterprises interested in utilizing EY Blockchain Analyzer: Reconciler for querying on-chain data and strengthening their internal risk management practices can find more information at blockchain.ey.com. It’s important to note that the availability of this tool is subject to specific terms and regulatory constraints, which vary by client and jurisdiction. This latest development in the EY Blockchain Analyzer suite underscores the growing demand for advanced analytics tools in the digital asset space, as the industry continues to evolve and expand.