Ernst & Young (EY), the London-based multinational professional services network, has expanded its blockchain services in China in partnership with major local blockchain projects Blockchain Service Network (BSN) and Financial Blockchain Shenzhen Consortium (FISCO BCOS).
It has been reported that EY will specifically offer its two blockchain solutions, EY Blockchain Analyzer and EY OpsChain, through the Chinese national blockchain initiative, the Blockchain-based Service Network.
However, the offerings will be available to users in China as well as across the entire EY Asia-Pacific region. Designed for business interaction via public and private blockchains, EY OpsChain will be the first EY solution deployed on BSN.
The report said that the service availability will be subject to regulatory approval.
Yifan He, the Executive Director at the BSN Development Association, said that EY will need approval from the State Information Center of China. He noted that it is not totally legal to run public chain nodes in China in accordance with regulations by the Cyberspace Administration of China.
Ernst & Young is expanding its blockchain services inside China. Blockchain deployment seems scaling quickly inside the crypto hub. https://t.co/rfOLSjPqNo — Cointelegraph (@Cointelegraph) February 6, 2021
“But an IT system in China to access public chain nodes outside China is not illegal.”
Likewise, He stated:
“Because EY will mostly deploy the related products on framework FISCO BCOS, we have been working together to do integration for a while.”
Paul Brody, the Global Blockchain Leader at EY, said that the new development is a major step forward in connecting the world’s largest economies through blockchain technology.
Thus, Brody concluded:
“China is one of the largest markets for blockchain technology in the world, and this is the EY organization’s first big step in deploying the EY blockchain platform in a scalable manner. By offering both FISCO BCOS and Ethereum, EY professionals will serve clients within China and across the Asia-Pacific region and connect those users to the global blockchain.”