EY has joined China's Financial Blockchain Shenzhen Consortium (FISCO), a non-profit organisation dedicated to the use of blockchain for financial applications, the company announced recently.
EY teams will use Blockchain Service Network (BSN) to offer EY Blockchain Analyzer and EY OpsChain to users in China and across the EY Asia-Pacific region on the FISCO BCOS (Blockchain Open Source) platform, the firm noted.
In addition, the firm said that EY teams will use BSN’s forthcoming controlled-access service to help enable regulatory-compliant access to the Ethereum network in China.
Decision makers in China are prioritising blockchain for digital transformation — 73% of respondents say that blockchain will be very or extremely important for their firms’ business and strategic priorities in the next 12 months, EY said.
EY teams are leveraging the FISCO BCOS platform to broaden the availability of its blockchain solutions in the Chinese market, according to the company, adding that BCOS runs on BSN, a global blockchain hosting and applications platform.
“By offering both FISCO BCOS and Ethereum, EY professionals will serve clients within China and across the Asia-Pacific region and connect those users to the global blockchain,” said Paul Brody, EY Global Blockchain Leader.
FISCO BCOS offers multiple features, such as group architecture, cross-chain communication protocols, pluggable consensus mechanics and privacy protection protocols, and will help make EY services regulatory compliant for clients in China, said Jimmy Ong, EY Asia-Pacific Blockchain Leader.
In addition, FISCO BCOS performance has reached more than 20,000 transactions per second (TPS) with single-chain setup — help enabling clients to utilise EY blockchain solutions in conjunction with the benefits of the open source platform, Ong added.
EY OpsChain will be the first EY solution deployed on BSN, including procurement and traceability functions for enterprise users, Brody pointed out.
EY teams will use BSN to complete the integration and deployment of EY Blockchain Analyzer for blockchain analytics and financial statement audit, he added.
Initial availability will focus on the planned open permissioned version of Ethereum in China with a future extension to a controlled access version of the Ethereum network across the globe when it becomes available, EY said.
Service availability will be subject to regulatory approval and all services, once deployed, will be available through blockchain.ey.com.cn, EY added.