EY launches new blockchain Smart Contract Analyzer solution in India
Big Four accounting and advisory firm EY appears to be ramping up its capabilities in the blockchain department, having released a new blockchain-based solution for contract analysis to build on its existing capabilities through its operations chain management platform.
Few major consulting firms have been as active in developing their capabilities in the Industry 4.0 domain as EY since the start of this year. The trend across the Indian business environment – particularly the consulting sector – has been to enhance capabilities to facilitate digital transformations.
Earlier this year, EY partnered with London-based robotics process automation firm Blue Prism to support clients across the country with automation solutions. Weeks later, the firm partnered with US-based cloud computing firm ServiceNow with the specific objective of offering digital transformation services in India.
Now, the firm has announced the launch of three separate blockchain solution that serve different business domains. The first of these solutions is the EY Smart Contract Analyzer, which is designed specifically for the Ethereum blockchain and allows for evaluation of contracts in terms of security.
The solution has been designed to recognise the most frequent contracting errors, ranging from issues with coding to potential threats and inefficiencies. In order to detect these errors, the solution runs as many as 250 tests and facilitates supervision of the contract process.
Commenting on the solution, Prashant Garg, Partner for Data and Analytics at 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,” added Garg, speaking at a time when a number of firms are relying on blockchain for their operations.
The new contract analysis tool builds on EY Ops Chain, which is its global solution for indistrialised blockchain capabilities, serving a number of sectors including the food & beverage, healthcare, asset management and financial services industries.
