In a significant development for the blockchain industry, EY (Ernst & Young) announced the launch of the fourth generation of its web-based analytics tool, EY Blockchain Analyzer: Reconciler. This innovative tool is designed to assist organizations in independently sourcing on-chain data and enhancing their internal risk management processes. Fidelity Digital Assets, a subsidiary of Fidelity Investments, is the pioneering corporate client to leverage this technology, underscoring the growing importance of robust risk management in the digital asset marketplace.

The Significance of EY Blockchain Analyzer: Reconciler

EY Global Blockchain Leader, Paul Brody, emphasizes the crucial role of operational excellence and robust internal risk management in cryptocurrency platforms’ competitiveness and their ability to instill trust among investors and regulators. The EY Blockchain Analyzer: Reconciler aims to directly address these needs by providing a user-friendly, web-based interface for querying on-chain data related to cryptocurrency workflows.

Fidelity Digital AssetsSM and Their Commitment

Michael O’Reilly, Chief Operating Officer of Fidelity Digital AssetsSM, expresses their pleasure in utilizing the EY organization’s industry-leading Analyzer tool to supplement their internal risk management processes. He highlights that this analytical tool reinforces Fidelity’s dedication to providing a secure and transparent trading environment for its customers in the ever-evolving digital assets market.

Evolution of EY Blockchain Analyzer Suite

Over the past six years, the EY Blockchain Analyzer suite of tools has undergone significant developments, backed by a substantial investment. These tools are now available for enterprise use upon client acceptance. EY engineering teams are continuously enhancing their capabilities to cater to evolving client needs, including support for various blockchains and additional features like xpub Address Derivation, block explorers, and staking.

EY Blockchain Analyzer: Reconciler Features

The EY Blockchain Analyzer: Reconciler offers a range of features to support enterprise risk management and transaction monitoring:

  • Analytical Dashboards: The tool enables users to identify matches and mismatches in transactions, wallet address balances, and digital signatures.
  • Data Analysis Across Blockchains: Currently, the tool supports six blockchains, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC). EY is actively working on adding support for more blockchains based on client demand.
  • Reconciliation Capabilities: It facilitates bulk reconciliation of public ledger records with clients’ off-chain books and records against on-chain data.

How to Access EY Blockchain Analyzer: Reconciler

Enterprises interested in utilizing the EY Blockchain Analyzer: Reconciler for querying on-chain data and enhancing internal risk management processes can find more information on the official website here. Please note that client acceptance to access the tool is subject to specific terms and regulatory restrictions.

Conclusion

The adoption of EY Blockchain Analyzer: Reconciler by Fidelity Digital AssetsSM marks a significant milestone in the realm of enterprise blockchain technology. As the digital assets market continues to expand, tools like these become essential in maintaining transparency, security, and operational excellence. EY’s commitment to addressing these needs underscores its dedication to building a better working world in the rapidly evolving blockchain landscape.