EY Blockchain releases a new Analyzer tool to investigate on-chain data
September 28, 2020 2:19 pm
EY has announced the availability of a new Explorer & Visualizer solution added to its EY Blockchain Analyzer product suite.
The Explorer & Visualizer solution combines search functionality with visualization technology, allowing users to explore, track and analyze in-depth patterns and trends for on-chain data which could support the management of legal, compliance and fraud risks.
The new Explorer and Visualizer solution launched as a part of the EY Blockchain Analyzer product suite for investigating on-chain data also includes Bitcoin (BTC) transactions. According to an announcement on Sep. 27, the beta version is now available for free for individuals. EY also said that it will soon make the solution available as a service on its blockchain website.
Users will be able to use search functionalities along with its visualization technology. It will enable audit teams to explore and track on-chain data by searching for specific transactions, addresses and blocks and they may then analyze the gathered data to manage legal, compliance and fraud risks.
“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.”-Andrew Gordon, EY Global Forensic & Integrity Services Leader
Moreover, EY has launched a new procurement solution on its OpsChain platform “EY OpsChain Network Procurement”, which will expectedly allow companies to privately and securely conduct end-to-end procurement activities on the Ethereum blockchain.
The beta version is currently available for free for individual use. The Explorer & Visualizer solution integrates searches functionality with visualization technology, allowing users to explore, track and analyze in-depth patterns and trends for on-chain data which could support the management of legal, compliance and fraud risks. The solution will also help buyers and sellers have parity and work with globally agreed terms and pricing.