EY Announces the Launch of a New Tool For Analyzing Data on Bitcoin Blockchain

Bitcoin Blockchain

According to a press release published recently, the multinational professional services firm Ernst & Young (commonly known as EY) has rolled out a new solution for investigating on-chain data. Basically, this new tool which is known as Explorer & Visualizer has been developed as an expansion of the EY Blockchain Analyzer product suite.

Beta Version of the tool is available free

As per the press release, the firm has initially released the beta version of the Explorer & Visualizer solution which can be used freely for individual use. The company, however, said that it will soon roll out the newly-introduced tool as a service and it will be available on blockchain.ey.com.

Explorer & Visualizer will be helpful for users in analyzing data on the Bitcoin blockchain. Users can use this solution which is integrated with visualization technology for analyzing, tracking, or exploring in-depth trends and patterns present on-chain.

Commenting on the launch of the new tool, the EY Global Forensic & Integrity Services Leader Andrew Gordon said in a statement:

“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. The Explorer & Visualizer solution allows management to build these capabilities by analyzing blockchain data to highlight potential outliers including fraudulent red-flag activities.”

According to EY Global Blockchain Leader Paul Brody, this is the second product that has been launched along with “EY Smart Contract & Token Review service” on blockchain.ey.com. Initially, only the Bitcoin blockchain is supported on this solution. However, the firm plans to integrate support for the Ethereum blockchain as well in the near future.

EY OpsChain Network Procurement

Apart from launching the Explorer & Visualizer tool, the firm has also introduced a new procurement solution for enterprises known as EY OpsChain Network Procurement.

This solution is based on the Ethereum blockchain and has been launched on the OpsChain platform by the company. Companies can leverage this solution for operating their procurement activities on the Ethereum blockchain in a secure and private way.

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