Auditing company Ernst & Young (EY) recently revealed two new developments in their blockchain-related tools – an upgraded version of its Blockchain Analyzer and an updated zero-knowledge proof protocol. The news was shared via two separate press releases.
Second Generation Blockchain Analyzer
One of the releases confirmed that the Big Four firm launched a second generation of the Blockchain Analyzer, EY’s very own analytics tool. Upgrades made to the tool allowed it to become accessible to EY departments and non-audit clients as a business app. The Analyzer’s previous iteration could only be used by the company’s auditing teams that facilitate the gathering of the whole transaction data of companies from various blockchain ledgers.
EY’s Global Innovation Leader Paul Brody explained that the company plans to create a platform solution that can be used for auditing, taxations, and monitoring of transactions. The upgraded version of its analytics tool will now support tax computation for a crypto asset from the AndyCAAT (Andy Crypto-Asset Accounting and Tax) tool. It automatically computes capital gains and losses on activities depending on its compliance to the US tax law.
Meanwhile, EY aims for its zero-knowledge proof protocol to support the adoption of a safe, private transaction conducted on public blockchains.
According to Brody, EY’s priority is to develop public blockchains that are scalable and secure. He added that the best way to do introduce this privacy- improving technology is by making it public.
EY pointed out that since it launched the Blockchain Analyzer in 2018, it has drastically lowered the processing costs of transactions by 90 percent. The software code is still undergoing last-minute reviews and is set to be released into the public domain in a month or so.