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Ethereum

Ernst and Young Blockchain Analyzer supports private Ethereum, Quorum and Hyperledger blockchains

Priya

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Ernst and Young Blockchain Analyzer supports private Ethereum, Quorum and Hyperledger blockchains
Source: Unsplash

Ernst and Young [EY], one of the big four accounting firms alongside Deloitte, KPMG, and PricewaterhouseCoopers, announced the launch of the second generation blockchain analytics tools, EY Blockchain Analyzer. Along with this, the firm also announced the launch of the second generation EY Ops chain and EY Smart Contract Analyzer.

Importantly, the second generation provides support to Ethereum, the leading smart contract platform, Quorum and Hyperledger private blockchain’s.

The announcement read,

“The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains.”

According to the post, this blockchain analytics tool has been constantly undergoing upgrades over the past two years. Due to this, the platform supports several new virtual currencies and also introduces new functionalities concerning private and public blockchain.

Notably, the first generation of the analytics tools could only be used by the audit teams in the organization. Now, the tool can be accessed by non-audit clients as a business application. This application can be accessed by the clients at any given point of time and for the EY teams and clients under the Advisory, Tax and Transaction Advisory, it enables financial reporting, tax calculation, transaction monitoring.

Source: EY

Source: EY

The blog post stated,



“In addition to transaction analysis, the new version of EY Blockchain Analyzer will support tax calculation for crypto-assets […] the newest version of this technology can automatically calculate capital gains and losses on transactions in compliance with US tax law.”

It further stated,

“[it] is expected to be available for use by EY client-serving teams in 2019 across a selection of more than 100 EY Assurance clients that hold or trade cryptocurrencies or operate in the blockchain ecosystem.”

Source: Reddit

Source: Reddit

ChamberofSarcasm, a Redditor said,

“Good for ETH, bad for Waltonchain and VeChain, I think. They were focused on tracking inventory in companies, and this might do just that.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Ethereum [ETH]: Ernst and Young to launch zero-knowledge proof technology on ETH blockchain

Akash Anand

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Ethereum [ETH]: Ernst and Young to launch zero-knowledge proof technology on ETH blockchain
Source: Pixabay

The mainstream adoption of cryptocurrencies has been a topic of discussion for the longest time. This push by cryptocurrency organizations for integration seems to have paid dividends as many institutions have started adopting cryptocurrencies or at least blockchain technology.

The latest company to tap into the world of digital assets is Ernst and Young [EY], which announced that it would soon release its new zero-knowledge proof technology on the Vitalik Buterin co-founded Ethereum blockchain.

The project, titled Nightfall protocol, uses the inbuilt zero-knowledge proofs to allow organizations to transact privately on the same network without giving up the security and distributed nature of the ETH blockchain. Circle Research, in an official release, commented on the technology:



“ZKPs prevent anyone attempting to analyze their blockchains from making any sense out of what they’re looking at. ZKPs enable all of the benefits of public blockchains like Bitcoin without the downsides of leaving behind digital clues that can be analyzed by third parties. The result is the ability to transact with complete privacy, inscrutable to the outside world.”

Another feature of EY’s public blockchain approach is its integration of privacy through permissions. The feature makes sure that participants on the blockchain who are selected ahead of time would be preferred over the ones who join the blockchain later. Some users, however, have criticized the permissioned network, which was also mentioned in the Circle report. It stated:

“A key criticism against permissioned networks is that they are not censorship resistant – a single entity or group of entities has control over the network. In addition, there are multiple companies and consortiums building their own permissioned blockchains, which creates silos.”

Ernst and Young’s venture into the crypto-verse was also put on show recently when the company unveiled its new blockchain analytics tool, the EY Blockchain Analyzer. The announcement from the company said:

“The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains.”





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