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EY Rolled Out New Solution for Analyzing Bitcoin Transactions and On-chain Data

By Chris Torres | September 30, 2020
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Member of big four accounting heavyweights EY has reportedly rolled out a new tool for running analysis on on-chain data, covering Bitcoin (BTC) transactions. 

Specifically, the new solutions – dubbed “Explorer and Visualizer” – is reportedly an initiative included in the EY Blockchain Analyzer product suite. At the moment, the beta version can be tested free-of-charge. 

EY also reportedly disclosed that it has plans down the pipeline to release the solution across its blockchain website to function as a service. 

Users will reportedly have access to search functionalities, as well as its visualization technology. It will enable audit teams to discover and keep track of on-chain data, via searching for particular transactions, addresses and blocks.

They will reportedly then be able to run investigations on the collected data for legal management, compliance and fraud risks.

EY global forensic and integrity services lead Andrew Gordon reportedly claimed that the Explorer and Visualizer solution will amp up the convenience level of financial reporting for blockchain-based transactions. 

Gordon also stated that the solution will reportedly provide assistance in “highlighting potential outliers including fraudulent red-flag activities”. 

Moreover, EY has reportedly rolled out a new procurement solution on its OpsChain platform — EY OpsChain Network Procurement – to allow firms to carry out end-to-end procurement activities on the Ethereum blockchain in a private and secure manner.

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