Giant Consultancy firm EY has introduced a new tool called Explorer & Visualizer to analyze blockchain data. The beta version of the tool will be soon available to individuals free of cost.

Explorer & Visualizer Solution

Explorer & Visualizer of EY will help individuals to monitor blockchain activities such as tracking of cryptocurrency transactions. The analyzed data and on-chain trends could help in “management of legal, compliance and fraud risks.”

It can be employed by forensics accountants and audit teams to look for specific address and tracing of transactions. It could also help in the gathering of relevant information and data. In the first release, it will support only Bitcoin blockchain but subsequent releases may also support Ethereum.

Andrew Gordon, EY Global Forensic & Integrity Services Leader, said:

“As blockchain-enabled transactions continue to gain momentum, organizations require state-of-the-art technology to deliver confidence in financial reporting, and identification of trends and anomalies in operational activity and performance. The Explorer & Visualizer solution allows management to build these capabilities by analyzing blockchain data to highlight potential outliers including fraudulent red-flag activities.”

Second Product in a Row

Explorer & Visualizer is the second product in a row on blockchain.ey.com after EY Smart Contract & Token Review. Paul Brody, EY Global Blockchain Leader, stated:

“The Explorer & Visualizer solution is the second product to launch on blockchain.ey.com alongside the EY Smart Contract & Token Review service. The goal is to provide a simplified and integrated platform for enterprises to review and analyze secure, reliable business transactions on public and private blockchains. 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.”

Blockchain analytical tools are very important as they can assist in tracing of illegal transactions in the crypto space. Many blockchain companies have rolled out their tools for this purpose, and EY’s Explorer & Visualizer solution is the latest one in the market.