Big four accounting firm EY announced the launch of a set of applications and services ‘EY Ops Chain’ that are aimed in aiding organizations commercialize the use of blockchain technology across the enterprise.
By combining blockchain-based services that are developed by EY and industry collaborators, EY Ops Chain combines the company’s full range of consulting, tax and audit expertise in order to drive enhanced business performance and growth.
“It's time for blockchain to go beyond finance applications alone and deep into industry. Our EY Ops Chain vision is to drive the blockchain revolution by integrating finance with operations to industrialize blockchain for businesses,” Paul Brody, EY Global Innovation Leader of Blockchain, said. “Finance is embedded in every phase of business operations, and simplifying the payments, financing, and insurance processes ultimately drives business performance. Using blockchain technology to improve these operations can result in business advantages.”
Companies can benefit from EY Ops Chain by simplifying supply chain management as well as seamlessly integrating digital contracts, shared inventory and logistics information, pricing, invoicing and payments. This improves forecast accuracy and fulfillment performance and reduces working capital requirements.
The company said that it plans to expand EY Ops Chain from its start in financial services and supply chain managements to across multiple industries, including power and utilities, automotive, oil and gas, and media, among others.
“Clients look to EY to help develop and execute strategies for enterprise transformation, and technologies like blockchain play an essential role in supporting the platforms of the future. Bringing together our blockchain teams, deep business domain knowledge and industrialized innovation capabilities enhances our ability to provide business services that help our clients accelerate their journeys toward becoming digital enterprises,” Roger Park, EY Americas Innovation and Strategy Leader for Financial Services Advisory practice, stated.
EY also unveiled its blockchain lab in New York, as a part of its investment in blockchain technology. The lab will bring together participants from financial services sector with embedded blockchain finance work in a single lab environment in Union Square. The New York Blockchain Lab joins two other key EY blockchain locations in London and Trivandrum, India as part of the EY global research network.
EY is investing in research in order to support the launch of EY Ops Chain and is hiring professionals including cryptographers, physicists, mathematicians and software developers to facilitate the mature and scalable design of blockchain services.
