View on Ernst & Young logo on their headquarters building in Warsaw, Poland, photographed on April 8, 2018. Mateusz Szymanski/Shutterstock
Big four accounting firm Ernst & Young (EY) has launched a new on-chain data investigation product, as well as a new Ethereum-based procurement solution, the firm said in two separate press releases on 27 September.
Its first product, EY OpsChain Network Procurement, is designed to enable companies to privately and securely conduct end-to-end procurement activities on the Ethereum blockchain. Using open-source software, such as the Microsoft-backed Baseline Protocol, the product is meant to support enterprise networks in automatically tracking volumes and global expenditure.
Currently available in free beta, the product aims to move business processes from any particular enterprise resource planning (ERP) system, and to a shared blockchain based smart contract. The firm has also noted that switching to a blockchain-based solution could reduce costs by up to 40%, as well as cut down ERP cycle times by more than 90%.
The second solution, Explorer and Visualizer, was launched as part of the EY Blockchain Analyzer product suit, and is designed to make financial reporting for blockchain-enabled transactions more convenient. Through the use of its search functionalities and visualization technology, audit teams will be able to track on-chain data by searching for specific transactions, addresses and blocks.
The tool will help “highlight potential outliers including fraudulent red-flag activities”, and help users manage legal, compliance and fraud risks. The product’s beta version is currently available for free for individuals, though the firm said it will soon make the solution available as a service on its website.