Multimillion-dollar investment in EY Blockchain Analyzer delivers new upgrades for blockchain and cryptocurrency audit and tax services
NEW YORK, April 16, 2019 /PRNewswire/ -- EY today announced the launch of the second generation of EY Blockchain Analyzer, a blockchain analytics tool, at the annual EY Global Blockchain Summit. The summit convenes more than 200 executives, analysts and EY clients to offer a first-time demo of the full EY blockchain solutions suite and provide a comprehensive view of the state of the technology's integration across industries.
Over the past two years, EY Blockchain Analyzer has undergone significant developments as part of a multimillion-dollar investment and 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. These developments include the support of multiple new cryptocurrencies on the platform, added functionality relevant to private and public blockchains, and a globally accessible and available platform.
The first generation of the EY Blockchain Analyzer was designed to facilitate EY audit teams in gathering an organization's entire transaction data from multiple blockchain ledgers, to reconcile that data to EY clients' books and records and to perform enhanced analytics, including trend analysis and identification of outliers.
Through this major upgrade, a version of this second generation EY Blockchain Analyzer is available for EY teams and non-audit clients as a business application that is accessible anytime and helps enable financial reporting, forensic investigations, transaction monitoring and tax calculations, to support EY teams and clients globally across Advisory, Tax and Transaction Advisory Services.
Paul Brody, EY Global Innovation Leader, Blockchain, says:
"With the second generation of EY Blockchain Analyzer, we are building a true platform solution that can be used for multiple purposes such as audit, tax and transaction monitoring, depending on client needs. From the start, we have had technologists and audit practitioners working together on this platform so we can keep our technology and audit methodology aligned and meet our professional standards."
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. EY Blockchain Analyzer also supports private Ethereum, Quorum and Hyperledger blockchains.
Felice Persico, EY Global Vice Chair – Assurance, says:
"As technologies continue to evolve, so too does the need to integrate transformative capabilities into our audit tools. The second generation of EY Blockchain Analyzer will provide valuable evidence for audits in various sectors."
In addition to transaction analysis, the new version of EY Blockchain Analyzer will support tax calculation for crypto-assets. Leveraging the insights and assets acquired with the Andy Crypto-Asset Accounting and Tax (AndyCAAT) tool in 2018 for better visibility into cryptocurrency transactions and inventory, the newest version of this technology can automatically calculate capital gains and losses on transactions in compliance with US tax law.
Kate Barton, EY Global Vice Chair – Tax, says:
"Integrating the prior acquisition of AndyCAAT into the global EY network for tax services exemplifies our commitment to digital innovation in the tax area. We are committed to providing clients with seamless one-stop solutions from transaction monitoring and security to tax calculation. With EY Blockchain Analyzer, we are delivering on that vision."
EY will gradually expand the geographic coverage for tax calculation globally after the 2019 tax year. EY engagement teams have served more than 100 clients using AndyCAAT to help calculate their taxes this year and, from next year, the tax functionality within EY Blockchain Analyzer will be available to all EY Tax practitioners.
In addition to the second generation of EY Blockchain Analyzer, EY has announced a suite of blockchain solutions and upgrades at the EY Global Blockchain Summit, including the release of the first generation of EY Ops Chain Public Edition into the public domain, as well as the launch of EY Smart Contract Analyzer and the second generation of EY Ops Chain.
Notes to Editors
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Kailyn Smigelski
EY Global Media Relations
+1 973 715 3624
kailyn.smigelski@ey.com
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