New EY blockchain analysis tool to improve financial reporting

One of the leading accounting company, EY, announced the launch of its new EY blockchain analysis tool on September 27. The new on-chain data analysis tool will be used to track blockchain activity, including bitcoin transactions on the bitcoin network. Furthermore, the fresh Explorer and Visualizer tool was inaugurated as a component of the EY Blockchain Analyzer product suite.

According to the accounting firm’s announcement, the beta version of its new solution is now read and free of charge to use. Besides, the firm noted it would integrate the new analysis solution on its blockchain as a service. Users are free to use the solution’s search functionality, as well as its data visualization tech.

EY blockchain tool to enhance on-chain data analysis

Furthermore, as per the announcement, the new tool allows auditing firms to investigate and monitor blockchain activity and data by searching particular addresses, transactions or even blocks. Afterwards, the data collected can be analyzed and researched to handle irregularities, fraud and legal risks. 

According to Andrew Gordon, the head of EY global forensic and integrity services the new EY blockchain tool will improve financial reporting of blockchain-based transactions. As per Gordon, the Explorer and Visualizer solution will also point out irregularities such as fraud.

EY inaugurates blockchain-based procurement platform

Moving forward, EY also announced the release of a new blockchain-based procurement solution. The new product which was created on EY OpsChain Network, will allegedly aid companies to confidently and safely procure goods and services on the ethereum network. The new solution is automated to transform procurement deals into digital smart contracts. 

The EY OpsChain Network Procurement product, which is currently in beta version, will allegedly shift business deals from enterprise resource planning (ERP) system, into the blockchain. The new platform will reportedly enable businesses to trace and monitor total volumes and worldwide expenditures. Furthermore, the EY blockchain-based procurement solution will allow entities to balance while operating under internationally agreed conditions and prices.