Professional services tycoon EY (Ernst and Young) is utilizing blockchain tech to help governments in enhancing accountability and transparency in public fund management.
One of the Big Four accounting firms, the company revealed the news on October 16, saying its new “blockchain-enabled” EY OpsChain Public Finance Manager will compare government spending programs and the after-effects of the expenses, although the money has gone through various layers of government and public service organizations.
It’s asserted to track funds in real-time and “create a single source of integrated financial and nonfinancial performance information to support decision-making.”
Mark MacDonald, EY’s lead of Global Public Finance Management, said in the statement that accountability, transparency, and sound evidence for decision making are imperative in overseeing public finances. The firm’s new instrument is designed to help those in charge of public funds to “assess and improve” their frameworks, he said.
The product has already been tested around the globe, the firm stated, citing one pilot in Toronto where the city utilized the finance manager solution to track how fund transfers and reconciliations between offices are managed.
The framework is based on EY OpsChain, a blockchain platform introduced in its second iteration in April with asserted help for up to 20 million transactions for each day over private systems. The company is eyeing a scope of use cases for the blockchain platform generally, including in the food industry, healthcare, supply chain, and financial management.