EY has reportedly released a new Explorer & Visualizer solution as an expansion of its Blockchain Analyzer product suite, making the beta version of the solution available at no cost for individual use. The solution will soon be made available as-a-service on “blockchain.ey.com”, cite sources. The new solution reportedly combines visualization technology with search functionality, facilitating users in the analysis, exploration, and tracking of in-depth trends and patterns for on-chain data which could effectively support the management of fraud risks and legal compliance.
Andrew Gordon, Global Forensic and Integrity Services Leader at EY, has stated that given that blockchain-enabled transactions have been consistently gaining momentum, businesses need state-of-the-art technology for delivering confidence in financial reporting and the identification of anomalies and trends associated with operational activity and performance. Gordon has further added that the Explorer & Visualizer solution enables the development of these capacities for highlighting plausible outliers, comprising fraudulent red-flag activities, via blockchain data analysis.
The EY Explorer & Visualizer solution enables forensics accountants and internal audit teams to search for specific blocks, transactions, and addresses to gather relevant information, state reports. The initial release of the solution is based on Bitcoin, with the succeeding releases planned for supporting Ethereum.
According to Paul Brody, Global Blockchain Leader at EY, the EY Explorer & Visualizer solution is the second product to be rolled out on “blockchain.ey.com” following the company’s Smart Contract & Token Review service. He has further added that the company’s objective is to deliver an integrated and simplified platform for businesses to analyze and review reliable and secure business transactions on private and public blockchains. The EY Explorer & Visualizer solution will be combined with upcoming releases of EY OpsChain and will enable businesses to execute transactions, sign a blockchain contract, and track the movement of supply chain operations, payments, and capital assets from a single viewpoint, added Brody.