Big Four auditing firm Ernst & Young (EY) has released two new blockchain developments, a new version of its Blockchain Analyzer and a zero knowledge proof protocol.
EY has launched the second generation of its analytics tool EY Blockchain Analyzer. While the first generation of the product was available to only EY audit teams facilitating gathering companies’ entire transaction data from multiple blockchain ledgers, the upgrade made the analyzer accessible for EY teams and non-audit customers as a business application.
Paul Brody, EY Global Innovation Leader for blockchain, said that the company intends to build a platform solution that can be deployed for various purposes, including audit, tax and transaction monitoring. The new version of the analyzer will support tax calculation for crypto assets from the Andy Crypto-Asset Accounting and Tax (AndyCAAT) tool that automatically calculates capital gains and losses on transactions in compliance with United States tax law. Paul Brody, EY Global Innovation Leader, Blockchain, said that “making public blockchains secure and scalable is a priority for EY.
In March, EY launched a tool called EY Crypto-Asset Accounting and Tax (CAAT) designed for accounting and preparing taxes on cryptocurrency holdings.