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Blockchain Revolution Series: Ernst & Young Features In Top-3 Enterprises Blockchain Solution Provider
Ernst & Young (EY) appears to have been positioned themselves in blockchain industry. One of the “Big Four” accounting & auditing companies in world, has been ranked as a leading enterprise Blockchain solution provider. Thereby, EY, is now striking the chord within the gamut of FinTech arena.
As per the announcement, contemplating core criteria, including ability to execute on blockchain engagements, scale and growth, innovation, and voice of the customer,
HFS Research (the technology analyst firm) has recognized the top 10 providers to meet the best standards and EY has been ranked among top-three performer in innovation as it relates to developing blockchain solutions.
With this milestone, EY renders enterprise-grade solutions adopting Blockchain tools, such as, the OpsChain tool and more. Its focus on enabling enterprises to operate and conduct several transactions securely and safely.
Saurabh Gupta, HFS Research Chief Research Officer, says that: “the fourth-generation EY OpsChain solution provides an enterprise-grade secure and collaborative environment that will help drive procurement and significantly increase the number of transactions, allowing procurement professionals to focus on becoming a strategic collaborator.”
In the past also, the firm acquired technology assets and related patents of the Crypto-Asset Accounting and Tax (CAAT), the technology developed by Elevated Consciousness. It is reported that CAAT would enable its members firms of the accounting giant as well as their clients to better assess the risk associated with the reporting of taxable income for crypto assets. The CAAT to fetch information about crypto-transactions from predominant exchanges, consolidate data from various sources, which in turn generate reports, such as, Internal Revenue Service (IRS) tax returns exclusively pertaining to crypto-transactions. EY reckons a significant growth in the number of clients owning crypto assets.
“It is great to be recognized for our ground-breaking work in core blockchain technology and how we have industrialized the security and privacy tools needed by enterprises for processes like product traceability and procurement”, says Paul Brody, EY Global Blockchain Leader, “We are advancing our vision of how public blockchains will give integrate business ecosystems with the same efficiency and power that ERP did inside the enterprise.”
Observing these constructive developments, EY raises their robustness in-depth integration of business process strategies and frameworks with the auditing, taxation and regulatory compliance standards, deploying the global organization’s blockchain solutions include the capabilities that ensures the safeguarding of enterprises’ transactions and regulatory compliance on both private and public blockchains.