EY Rolls out New Blockchain Tool to Analyze Bitcoin On-Chain Data

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

New Amendment Law: Crypto Companies will Share Information of Transfers Above $250

The United States is introducing new financial laws which are also applicable to digital currencies. To curb money laundering, the US regulators have proposed an amendment in the Bank Secrecy Act, which make it a requirement to collect details about transactions, which are above $250. The US regulators also include digital currencies in the upcoming […]

Two Non-Profits Have Received $20,000 from Hackers

BBC’s report unveils that hackers have donated $20,000 in Bitcoin to two non-profits. Such kinds of unusual acts have made experts puzzled. Non-Profits: Children International and The Water Project Two non-profit organizations, Children International and The Water Project have received donation funds, which are known to be linked with criminal sources. According to BBC, the […]

Report: Bitcoin Is a More Popular Investment Tool than Gold Among Russian Investors

Russian investors see equal opportunity both in gold and cryptocurrency, new report shows. Cryptocurrency is the fifth most popular investment tool in Russia over the last 12 months. World Gold Council’s Report International organization on gold known as World Gold Council unveils new report over famous investment entities on Oct.20. The report denominates the 5th […]

Bitcoin may Claim $20,000 in Next Three Months, says Prominent Analyst

The next three months are very important as the price of Bitcoin can reach up to $20,000. After remaining in a particular range for a long time, the crypto community can see a bullish breakout soon. Breakout in Next Three Months Bitcoin has been trading between $10,200 and $11,800 since July 2020. Over the last […]

Two Global Shipping Giants Integrate with IBM’s Blockchain Network TradeLens

Blockchain technology has an exponential future as more and more global companies are embracing it. Introduced by IBM and Maersk, a blockchain platform called Tradelens welcomes two international shipping companies, CMA CGM and MSC. Shipping Giants: CMA CGM and MSC The new integration between IBM’s blockchain platform and shipping companies will onboard all data about […]