According to a recent press release, the fourth generation of Ernst & Young’s (EY) Blockchain Analyzer: Reconciler has been released into production. EY is a multinational professional services partnership and one of the Big Four accounting organizations.
The firm announced that the “Reconciler” has new features for blockchain and cryptocurrency audit services and will now support Dogecoin (DOGE), along with Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Ethereum Classic (ETC) blockchains.
Sources reveal that the new feature can be accessed via EY’s blockchain-dedicated website, i.e., blockchain.ey.com software as a service (SaaS) platform. This web-based analytics solution is accessible to EY Audit teams all around the globe.
According to the EY, clients’ off-chain books and records can be bulk-reconciled to the public ledger using Reconciler. This revised version now features an Ethereum event search and retrieval dashboard, allowing EY Audit teams to search for certain transactions or event categories.
The ERC-20 allows developers to create smart-contract-enabled tokens that can be used with other products and services. These tokens represent an asset, right, ownership, access, cryptocurrency, or anything else that is not unique in and of itself but can be transferred. The latest version also allows for expanding EY Audit teams’ capacity to reconcile additional digital assets in the future by making it easy to add new ERC20 tokens.
“This latest version of the EY Blockchain Analyzer: Reconciler with support for Dogecoin and event retrieval capabilities is a significant enhancement for EY audit teams and approved clients. These new features greatly improve EY audit teams’ ability to analyze more digital assets and Ethereum events on the public blockchain.”
David Byrd, Blockchain Strategy Leader, Assurance, EY
Notably, the client-serving teams at EY have access to the EY blockchain analyzer set of tools, developed over the last six years via the help of a multimillion-dollar investment.
EY executives revealed that the company’s roadmap includes features like blockchain support, xpub address, derivation, block explorers, and staking, all being developed by EY technical teams in response to clients’ demands and to meet the changing demands of our client-serving teams.
While EY’s recent move marks its major step towards blockchain technology and cryptocurrencies, the firm hasn’t always appeared to be this friendly towards the asset. In November, Todayq News reported that Paul Brody, global blockchain leader at EY, opined that he finds the concept of transparency accompanying the crypto sector flawed.
He said that the whole idea of crypto was to provide transparency, giving access to the data on the blockchain. However, just viewing doesn’t give one access to it, as the data flow in smart contracts needs to be simplified to understand.
In recent times, several businesses have looked up to blockchain technology. According to a recent survey by KPMG, another Big Four accounting firm, blockchain emerged as the fifth most preferred technology among leading Chinese fintech firms, with a share of 33% as of 2022.
Interestingly, blockchain technology ranked higher than 5G, robot processing automation, and virtual/augmented reality (VR/AR). The study revealed that 5G accounted for 10%, whereas robot processing automation and VR/AR accounted for 9% and 1%, respectively.
Another survey from CasperLabs, a blockchain-based firm, and Zogby Analytics, a market research agency, revealed that the sentiments around blockchain adoption have been positive, especially among enterprises. The poll was conducted by over 600 business enterprise “decision makers” in the United States, the United Kingdom, and China.
The extended figures revealed that nearly 90% of the businesses surveyed reported deploying blockchain technology in some capacity, whereas 87% opined that they plan to invest in the coming year. Surprisingly, these results were particularly pronounced in China, where over half of the respondents plan to invest in blockchain this year.