Ernst & Young Unveils Bitcoin Transaction Analysis Solution

Consulting firm Ernst & Young (EY) has unveiled a beta version of its Explorer & Visualizer solution for Bitcoin transaction analytics. In the future, the company will add support for Ethereum.

According to EY, the new Explorer & Visualizer solution is part of the EY Blockchain Analyzer product suite, and its beta version is now available free of charge to individuals. Explorer & Visualizer combines search functionality with visualization technology to explore, track, and analyze patterns and trends in data across the web that can help you manage legal, regulatory, and fraud risks.

According to the company, the new solution will allow the study of individual transactions, addresses and blocks to collect relevant information as part of internal audit or other legal procedures. The solution supports Bitcoin, and the next version will add support for Ethereum. Andrew Gordon, EY Chief Business Officer said:

“Blockchain transactions continue to gain in popularity, and organizations need modern technology to prepare financial statements and identify trends and anomalies in a company’s operations. Explorer & Visualizer solution allows you to analyze blockchain data and identify suspicious transactions. “

According to Paul Brody, Head of Blockchain at EY, the goal of the new product is to provide enterprises with a simplified and integrated platform for verifying and analyzing business transactions on open and closed blockchains. The Explorer & Visualizer solution will be integrated with EY OpsChain , giving businesses the ability to conclude contracts on the blockchain, execute transactions and track the movement of payments and supply chain transactions in a single system.

As a reminder, Ernst & Young launched the EY CryptoPrep app in June , which automatically retrieves data on user transactions from cryptocurrency exchanges and fills out a tax return.

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