Big Four EY Launches Bitcoin On-Chain Analyzer Solution

ey blockchain

Big four accounting firm Ernst & Young (EY) released a new platform for analyzing blockchain data such as Bitcoin. The platform comes with an explorer and visualizer called EY Blockchain Analyzer product suite.

In an announcement revealed on September 27, the firm shared that the beta version of the platform is available for free for all users. In the near feature, EY will make the platform available on its blockchain website.

Aside from looking up and viewing data and statistics, users can visualize all information from blockchain networks. Through the solution, auditing firms or individuals can explore and analyze on-chain data by viewing specific addresses, blocks, transactions, etc.

The solution can significantly help users by allowing them to analyze data for fraud risks, compliance, and legal measures. 

According to the Global Forensic and Integrity Services Lead at Ernst & Young, Andrew Gordon, the product will improve accessibility to explorers and visualizers. Moreover, their new product will make it more convenient for analyzers to have access to data. Specifically, Gordon stated that it will ‘highlight potential outliers including fraudulent red-flag activities.’

Ey says the first version of Explorer & Visualizer is ready to use on Bitcoin, and the support for Ethereum will be added soon.

At the same time, EY launched a new solution for its OpsChain platform as well. Named EY OpsChain Network Procurement, the product helps firms conduct end-to-end procurement services on Ethereum privately and securely. 

“The Explorer & Visualizer solution will be integrated with upcoming releases of EY OpsChain, allowing enterprises to enter into a blockchain contract, execute transactions and track the movement of payments, capital assets and supply chain operations from a single viewpoint,” said Paul Brody, EY Global Blockchain Leader.

Ernst & Young

Just like the new explorer and visualization platform, the procurement solution is in a beta stage as well, free for everyone. With the procurement product, EY seeks to transfer business from legacy enterprise resources to smart contracts on blockchain networks. Moreover, EY believes that it will help users achieve greater price parity on global markets.

Angel investors gain interest in on-chain analytics firms

On another note, Ethereum data analytics firm Dune Analytics recently raised $2 million in a seed round. The firm stood out as the best platform for analyzing DeFi data, resulting in a great reward for the startup firm. Both veteran crypto investors and angel investors participated in the seed round. Entities such as Dragonfly Capital, Multicoin Capital, Coinbase Ventures, and the Digital Currency group participated.

As for angel investors, we saw some of the most popular individuals in the crypto industry join the seed round. Matteo Leibowitz from UNiswap, Calvin Liu from Compound, Stani Kulechov from Aave, and Andre Cronje from Yearn.Finance contributed to the seed round which took place last week.

As we can see, both developers and investors gained significant interest in funding crypto analytics companies. Despite being managed by only two people, Dune Analytics still managed to create a great platform. As DeFi gains ground, more and more users are keeping track of various data points on the Ethereum network. Therefore, platforms such as Dune Analytics become a necessity for successful investing and innovation. With EY, we may see more interest even from legacy companies to provide solutions for on-chain data analytics.

If you found this article interesting, here you can find more Blockchain and cryptocurrency news