Big Four” accounting firm EY has announced the launch of a new tool to analyze data on the Bitcoin blockchain, as part of the EY Blockchain Analyzer product suite. A beta version of the tool is available free for individual use.
The tool, Explorer & Visualizer, will be available as a service in the near future. It ingrates search functionalities with visualization technology, according to EY, to allow users to “explore, track and analyze in-depth patterns and trends for on-chain data.” This analysis, the firm write, could support management of legal, compliance, and fraud risks.
The tool reportedly makes it possible for forensics accountants and internal audit teams to search for specific transactions, blocks or addresses on the Bitcoin blockchain to gather information. While Explorer & Visualizer will initially only support Bitcoin, subsequent releases with Ethereum blockchain support are planned.
EY Global Forensic & Integrity Services Leader, Andrew Gordon, was quoted as saying:
As blockchain-enabled transactions continue to gain momentum, organizations require state-of-the-art technology to deliver confidence in financial reporting, and identification of trends and anomalies in operational activity and performance.
Gordon added organizations can build these capabilities by analysing blockchain data to highlight potential outliers and find fraudulent red-flag activities. EY Global Blockchain Leader Paul Brody added that the tool, alongside the EY Smart Contract & Token Review service, are meant to help enterprises review and analyze business transactions on both public and private blockchains.
EY has also launched a new procurement solution on its OpsChain platform, dubbed EY OpsChain Network Procurement, set to allow companies to privately and securely conduct procurement activities on the Ethereum blockchain.
Featured image via Pixabay.
