EY to Offer Enterprise Blockchain Products in China
- The products will be offered both on the BCOS-operated BSN network and the localized version of Ethereum.
- EY’s new offering will also roll out to the entire Asia-Pacific region.
Ernst & Young headquarters in Amsterdam, the Netherlands on 22 October 2016. Shutterstock
EY announced today that it will expand its offering to users in China with the EY Blockchain Analyzer and EY OpsChain.
According to the company’s press release, EY teams will extend their enterprise blockchain offering via the Blockchain Open Source (BCOS) enterprise network. Developers will be able to access EY’s products through the BCOS-operated Blockchain Service Network (BSN). In addition to that, BSN’s upcoming controlled-access service will also be used to enable regulatory-compliant access to the Ethereum network in China.
To enable access to its enterprise products, EY has joined the Financial Blockchain Shenzhen Consortium (FISCO), the company said in the announcement.
Paul Brody, the global blockchain leader at EY, said this was EY’s first big step in deploying the EY blockchain platform in China, despite having operated in the country for several years. He noted that China is one of the largest markets for blockchain technology in the world, citing recent research that showed 73% of companies in China believe blockchain will be extremely important for their firms’ business strategy in the following year.
The first EY solution deployed on BSN will be the EY OpsChain, providing enterprise users with procurement and traceability functions. The integration and deployment of the EY Blockchain Analyzer will also be completed through BSN, enabling advanced blockchain analytics and financial statement audits.
- Polygon’s public, permissionless commit chain will be connected to EY flagship blockchain services.
- The integration will provide EY’s enterprise users with increased transaction volume at a predictable cost.
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- The $100 million support for blockchain is part of EY’s larger, $1.5 billion investment plan for 2021.
- The company wants to answer to the rising needs of its clients.
- The EY OpsChain Network Procurement solution will help companies with end-to-end procurement activities on the Ethereum blockchain.
- The Explorer and Visualizer, on the other hand, is designed to make financial reporting for blockchain-enabled transactions more convenient.