EY today announced a series of new solutions and services using blockchain technology which includes EY Smart Contract Analyzer, second generation of EY Ops Chain and EY Blockchain Analyzer, and zero-knowledge proof blockchain transaction technology.
EY Smart Contract Analyzer is a smart contract testing and security service for the public Ethereum blockchain. The service is now entering a private beta test, which will allow users to monitor smart contracts and tokens for known security risks. EY has developed a list of more than 250 standard tests that cover aspects ranging from known malware to coding errors and is deploying these tests into the system in categories ranging from known security flaws to efficiency concerns. The EY service also allows for the development of customized token tests and continuous monitoring for changes.
Prashant Garg, Partner, Data and Analytics, EY India said: “The potential positive impact of blockchain on the Indian economy is enormous. It can streamline and accelerate organization’s business processes, increase protection against cyber threats and reduce or eliminate the roles of intermediaries. Companies should look at blockchain technology as an enabler to change their business models and EY’s suite of blockchain solutions and upgrades can make that possible and improve the existing processes and systems.”
EY Ops Chain, the organization’s flagship solution for the industrialization of blockchain technology for enterprise users, is now one of the world’s leading blockchain business applications, with seven use cases across the food and beverage, health care, financial services and asset management industries, as well as enterprise functions such as supply chain, procurement and asset management. The upgraded solution will support up to 20 million transactions per day on private networks, advanced token technology enabling financial services functionality to be integrated into assets and the development of a library of smart contracts that automate standard business processes. As a result of the integration across enterprises, early users are seeing performance speed improvements of more than 90% in some processes.
EY Blockchain Analyzer is a blockchain analytics tool, that’s available as a business application to organizations for enabling financial reporting, forensic investigations, transaction monitoring and tax calculations. Over the past two years, EY Blockchain Analyzer has undergone significant developments as part of a multimillion-dollar investment, that includes the support of multiple new cryptocurrencies on the platform, added functionality relevant to private and public blockchains, and a globally accessible and available platform. The latest version of EY Blockchain Analyzer also supports analysis of zero-knowledge proof private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains. It also supports private Ethereum, Quorum and Hyperledger blockchains.
EY also released its zero-knowledge proof private transaction protocol into the public domain to help accelerate the adoption of secure, private transactions over public blockchains. Since the launch of the initial prototype last year, EY teams have significantly reduced transaction processing costs for users of the initial prototype by more than 90%, utilizing a combination of better data encoding and a more efficient zero-knowledge proof protocol. Transactions processed using this technology are private to all blockchain users except those authorized to see the information.