The EY announced the pilot introduction of EY Blockchain Analyzer technology, which enhances the ability to conduct in-depth assessment and business transaction control in currency.
The technology was designed to support the EY teams during their checks on companies using cryptosancies. Technology sets the foundations for automated asset and liability controls, capitals and smart contracts in companies that adopt blockchain technologies.
The EY Blockchain Analyzer was designed to make it easier for EY control teams to collect all the data required. Our auditors can then look at the data and analyze transactions by detecting deviant values. Technology is designed to support multi-cryptographic control, including BitCoin, Ether, BitCoin Cash, LiteCoin and some other cryptographic assets managed or handled by bureaus or asset management companies.
Charalampos Konstantinou, Head of the Advisory Services Department of the European Union in Cyprus, states:
“EY is adapting and developing innovative approaches and tools in external and internal control to respond to market trends. EY Blockchain Analyzer is a tool that will greatly contribute to the quality of our controls related to business currency trading. ”
This technology has been developed utilizing the experience gained through partnerships and service to international customers in the US, Europe and Japan, including investment funds, bureaus, mining companies and digital wallet providers.
Paul Brody, EY Global Innovation Blockchain Leader, says:
“Understanding cryptanalysis is the first step that will allow us to develop technologies to control business blockchain contracts. Such technologies set the basis for automated asset and liability blockchain controls, stocks and smart contracts. EY Blockchain Analyzer will be utilized by the EC auditors to analyze blockchain transactions and help them further understand. ”
The next phase will include multiple pilot applications to further develop the technology, including developing customized regulatory compliance and reference nodes (reporting nodes).
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29 October 2020