EY releases new tool for analyzing Bitcoin transactions and on-chain data

Big four accounting firm EY has launched a new solution for investigating on-chain data including Bitcoin (BTC) transactions. 

The new Explorer and Visualizer solution launched as a part of the EY Blockchain Analyzer product suite. According to an announcement on Sep. 27, the beta version is now available for free for individuals. 

EY also said that it will soon make the solution available as a service on its blockchain website.

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 global forensic and integrity services lead Andrew Gordon said that the Explorer and Visualizer solution will make financial reporting for blockchain-enabled transactions more convenient. It will help “highlight potential outliers including fraudulent red-flag activities,” he added.

Additionally, 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.

Currently available in free beta, 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. The solution is also expected to help buyers and sellers have parity and work with globally agreed terms and pricing.