EY Launches New Tool For Analyzing BTC Transactions: Report

EY launches a new tool for analyzing biotin transactions, as a new solution to its already-existing Blockchain Analyzer product suite as we are about to find out in our bitcoin news today.

The big four accounting firm EY launches a new tool for investigating on-chain data including the BTC transactions. The new explorer and Visualizer solution launched as a part of the EY Blockchain Analyzed product will be free for individuals according to the latest announcement of the beta version. EY also said that it will soon make the solution available as a service on its blockchain website. All users will be able to utilize the search functionalities with the visualizing technology that will allow audit teams to explore and trace the on-chain data by searching for specific transactions, blocks, and addresses. Then they will also be able to analyze the gathered data to manage fraud risks and legal issues.

EY global forensics and integrity services lead Andrew Gordon said that the Visualizer solution and the Explorer, will make financial reporting for blockchain-enabled transactions convenient and it will help outline the potential outliers such as fraudulent and red-flag activities. Furthermore, EY also launched a new procurement solution on its OpsChain platform which will enable companies to privately send and securely conduct procurement activities on the ETH blockchain.

The solution is now available in free beta as it is said to move business processes from enterprise resource planning systems to the shared-blockchain-based contracts by allowing them to track volumes and global expenditure. The solution will also help buyers and sellers have parity and work with the global terms and pricing levels.

As reported recently, The ‘’Big Four’’ accounting giant announced to the public the release of the repository for the Nightfall system which was announced during the EY Global Blockchain Summit. The new technology which leverages zero-knowledge proofs (ZKPs) to obscure transaction data on the ETH mainnet, was designed to allow the huge enterprises and institutions to use the public ethereum chain in private instead of using a forked, private and permissioned version of Ethereum to achieve the same results.

The leader of the global blockchain innovation sector at EY Paul Brody confirmed that Nightfall will be used within two of the proprietary offerings at the accounting firm- the EY blockchain Analyzer and the EY OpsChain. Thanks to the publishing of the Nightfall, everyone can modify the tool’s code as they want.