Digital Currency Revolution Series: EY’s New Token & Smart Contract Testing Service For Cryptocurrencies in Beta Version

The renowned consultancy and one of the bid four auditing firms in the world, Ernst & Young (EY)’s smart contract and token testing service is ready for a public beta testing.

Well, EY had launched the service back in last April which was initially developed as the EY Smart Contract Analyzer meant for blockchain clients.

While launching, EY global innovation leader for blockchain, Paul Brody said “our clients are increasingly entrusting key enterprise business processes and valuable investments to software code. We don’t run enterprise computing systems without anti-virus tools and it only makes sense to run blockchain-based investment systems with smart contract and token testing tools.”

On Reddit, Brody confirmed that the firm is intending to go-live at the earliest and a public beta of the initial version is now available. It can now be accessed via the EY blockchain website. 

Ernst & Young has always been on top of the crypto and blockchain industry, in the past 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.

Furthermore, EY also wanted to extend their services in audit in the segment by announcing “Blockchain Analyzer” back in April 2018. They intended to assist enterprises examining blockchain solutions. Particularly, with a view to collate, conserve and consolidate data from numerous distributed ledgers. Such innovative FinTech developments can allow efficiency in businesses to better compete with counterparts that are siphoning off customers disappointed by conventional transaction services.