The tool will use analytical dashboards to identify transaction errors, wallet address balances and digital signatures.
Ernst & Young (EY) Global has announced the first corporate client for its EY Blockchain Analyzer: Reconciler. Per the announcement, Fidelity Digital Assets, a subsidiary of Fidelity Investments, became the first enterprise to use the tool after its launch in February.
EY Global Blockchain Leader Paul Brody believes that a robust internal risk management process and operational excellence are necessary for cryptocurrency platforms to gain a competitive edge and instill trust among investors and regulators. This, he said, is what the EY Blockchain Analyzer: Reconciler will address directly.
“The tool will provide an easy-to-use, web-based interface that allows their operations teams to query on-chain data for cryptocurrency data-related workflows,” he concluded. Brody also noted his team’s excitement that Fidelity Digital AssetsSM selected their tool.
On their part, Chief Operating Officer of Fidelity Digital Assets Michael O’Reilly also expressed pleasure at the development. He said:
“We are pleased to leverage the EY organization’s industry-leading, web-based Analyzer tool to supplement our internal risk management processes.”
According to O’Reilly, the analytics tool will help to reinforce Fidelity’s commitment to providing a secure and transparent trading environment for its customers.
About the EY Blockchain Analyzer: Reconciler
While the tool is not entirely new, auditors have previously used only the web-based version of EY Blockchain Analyzer: Reconciler. However, the new and improved version is available through EY Blockchain’s SaaS platform.
The tool will use analytical dashboards to identify transaction errors, wallet address balances and digital signatures. Also, it will allow bulk reconciliation of public ledger records and clients’ off-chain books and records to on-chain data.
Again, the latest version of the tool can analyze data on six blockchains. These are the Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC) chains.
However, the team is also working to add support for more blockchains based on client demand. Other features like xpub Address Derivation, block explorers and staking may be added as the client’s need evolves.
Per the announcement, enterprises interested in using EY Blockchain Analyzer: Reconciler for transaction monitoring and reconciliation can find more information at the official website.
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An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.