Audit and consultancy firm Ernst & Young announced the first customer of the analysis tool it developed for blockchains.
First corporate customer of the web-based analysis tool developed by EY, which allows comparing blockchain data with financial records held outside the blockchain Fidelity Digital Assets happened.
EY Blockchain Analyzer: Reconciler Users of the product use the tool to query and verify blockchain data to improve their risk management processes.
Audit teams within EY have been using early versions of the product since 2018 to audit their own clients’ data on and off the blockchain. After millions of dollars of investments, the product became suitable for corporate use.
EY Blockchain Analyzer: In Reconciler transactions, balances in wallet addresses, digital signatures There are also analysis panels showing the compatibility and incompatibility between the data.
Fidelity Digital Assets COO Michael O’Reilly said:
“The digital asset market requires strict controls, and by using this technology to pull data from public blockchains in our internal risk management processes, we reinforce our commitment to providing our customers with a safe and transparent trading experience.”
The product currently covers the Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic and Dogecoin blockchains. EY plans to add more different blockchains in line with demand from customers.