EY Unveils Second Generation Blockchain Auditing Tool: “Blockchain Analyzer”

Global consulting firm EY released a suite of blockchain software products this week, including a first-generation “private transaction protocol,” a “smart contract analyzer” and a “blockchain analyzer” that firms can use to reconcile transaction data obtained from multiple cryptographic ledgers.

The EY Blockchain Analyzer can also reportedly perform “advanced analytics,” including “trend analysis and identification of outliers.”

The software was launched at the EY Global Blockchain Summit.

Blockchain analysis has proven to be a growth area of late as individuals and firms involved with cryptocurrencies respond to an increasingly strict regulatory environment.

Law enforcement clients are also increasingly relying on blockchain analysis contractors to analyze and compile evidence.

This is EY’s second generation Blockchain Analyzer, with the first designed for EY audit teams. The latest version is also available to non-audit clients:

“Through this major upgrade, a version of this second generation EY Blockchain Analyzer is available for EY teams and non-audit clients as a business application that is accessible anytime and helps enable financial reporting, forensic investigations, transaction monitoring and tax calculations, to support EY teams and clients globally across Advisory, Tax and Transaction Advisory Services.”

Notably, EY claims the software can assist in the analysis of private transactions:

“The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains. EY Blockchain Analyzer also supports private Ethereum, Quorum and Hyperledger blockchains.”

Commenting on the analyzer’s release, Felice Persico, EY Global Vice Chair – Assurance stated:

“As technologies continue to evolve, so too does the need to integrate transformative capabilities into our audit tools. The second generation of EY Blockchain Analyzer will provide valuable evidence for audits in various sectors.”

The software also includes tracking features to assist with calculating taxes in the US:

“In addition to transaction analysis, the new version of EY Blockchain Analyzer will support tax calculation for crypto-assets…the newest version of this technology can automatically calculate capital gains and losses on transactions in compliance with US tax law.”

The company plans to, “…expand the geographic coverage for tax calculation globally after the 2019 tax year,” says more that 100 clients to have already used EY’s general tax software to calculate taxes, and, “from next year, the tax functionality within EY Blockchain Analyzer will be available to all EY Tax practitioners.”

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