EY, the big four accounting firm, has launched a new Explorer and Visualizer solution for investigating on-chain data including Bitcoin (BTC) transactions.
It has been reported that the new solution launched as a part of the EY Blockchain Analyzer product suite, as the beta version is now available for free for individuals.
However, EY said that it will soon make the solution available as a service on its blockchain website.
According to the report, users will be able to utilize search functionalities along with its visualization technology. It will allow audit teams to explore and track on-chain data by searching for specific transactions, addresses, and blocks. They may then analyze the gathered data to manage legal, compliance, and fraud risks.
EY releases new tool for analyzing Bitcoin transactions and on-chain data https://t.co/IYQtk9zO1V #bitcoin — CryptoCoinery (@CryptoCoinery) September 28, 2020
Andrew Gordon, the Global Forensic and Integrity Services Lead of EY, said that the Explorer and Visualizer solution will make financial reporting for blockchain-enabled transactions more convenient. He added that it will help “highlight potential outliers including fraudulent red-flag activities.”
Moreover, EY has launched a new procurement solution on its OpsChain platform, EY OpsChain Network Procurement, which will expectedly enable companies to privately and securely conduct end-to-end procurement activities on the Ethereum blockchain.
The solution is said to move business processes from enterprise resource planning systems to shared blockchain-based smart contracts, allowing them to automatically track volumes and global expenditure, as currently available in free beta.
Thus, the solution is also expected to help buyers and sellers have parity and work with globally agreed terms and pricing.