EY, a prominent global accounting firm, has unveiled its latest blockchain analytics tool, “EY Blockchain Analyzer: Reconciler.” Moreover, they proudly announced Fidelity Digital Assets as the first enterprise client to adopt this innovative solution. Fidelity Digital Assets will be leveraging the EY Blockchain’s SaaS platform for this purpose.
This advanced tool, representing the fourth generation, is designed to aid organizations in independently accessing and analyzing on-chain data. It aims to enhance their in-house risk management protocols.
Furthermore, this development aligns with EY’s strategy to meet the demands of the fast-growing global digital assets market. It emphasizes operational excellence and strong internal risk management. These efforts are aimed at building trust among investors and regulatory bodies. Paul Brody, EY Global blockchain lead, has articulated this strategy.
EY has been using earlier versions of this dashboard for audit purposes since 2018. This allowed them to reconcile their clients’ off-chain records with on-chain data. Following six years of development and significant financial investment, the tool is now available for broader enterprise utilization.
Fidelity Digital Assets Partners with EY’s Cutting-Edge Blockchain Tool for Enhanced Risk Management
Fidelity Digital Assets, a subsidiary of Fidelity Investments, focuses on promoting institutional adoption of digital assets. They aim to leverage several features of this tool for their operations.
These features include analytical dashboards that identify inconsistencies in transactions, wallet address balances, and digital signatures. This information is detailed in the official statement.
Fidelity Digital Assets COO, Michael O’Reilly, expressed their contentment with leveraging EY’s state-of-the-art web-based analyzer tool to enhance their in-house risk management processes.
O’Reilly emphasized the need for rigorous oversight in the digital assets market and how this technology facilitates data extraction from the public blockchain for strengthening their internal risk management protocols, reinforcing their commitment to providing a secure and transparent trading environment for their customers.
Furthermore, it’s important to note that EY offers support for several blockchain platforms. These include Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Dogecoin. EY is proactively expanding its support for blockchain data on more platforms due to client demand.
This expansion includes the introduction of various features like address derivation, block explorers, and staking capabilities.