Consulting giant EY has announced the pilot of a suite of blockchain audit technologies that improve the ability to perform an in-depth review of cryptocurrency business transactions.
The ‘EY Blockchain Analyzer’ will help to lay the foundation for testing of blockchain assets, liabilities, equity and smart contracts as companies adopt blockchain technologies, EY said. It has been designed to support testing of multiple cryptocurrencies including Bitcoin, Ether, Bitcoin Cash, Litecoin, and a number of other crypto-assets managed or traded by exchanges or asset management firms.
The proprietary technology will facilitate EY audit teams in gathering an organization's entire transaction data from multiple blockchain ledgers. Thereafter, the auditors can inspect the data and perform analysis of transactions, reconcile and identify transaction outliers.
"As digital technology continues to advance, we are focused on developing innovative approaches to the audit process and providing confidence and trust to the capital markets. As companies are also focusing on how they embed technologies like blockchain into their financial processes, we are innovating the audit to meet their evolving needs and those of investors,” Jeanne Boillet, EY Global Assurance Innovation Leader, said.
According to the official release, the next phase will see multiple pilots aimed at scaling the technology, including the development of customized regulatory compliance and reporting nodes.
"EY Blockchain Analyzer will be utilized by the auditor to analyze transactions on a blockchain and help provide insight to the finance function,” Paul Brody, EY Global Innovation Blockchain Leader, said.
