As per the February 5th announcement made by Ernst & Young (EY), the services network firm is set to deploy two of its well-esteemed blockchain solutions on the Blockchain Open source platform and the Ethereum blockchain by way of the China state-supported blockchain project, the Blockchain-based Service Network, or BSN.
EY’s offerings, namely the EY OpsChain and EY Blockchain Analyzer, will be made available to the users within China and the entire Asia-Pacific region under the scope of EY, as part of the collaboration. The first one, EY OpsChain, is set to be incorporated into BSN to supply traceability and procurement functions, allowing its users within the Ethereum network to deploy procurement activities through smart contracts and tokens. The next one, the EY Blockchain Analyzer, will then be responsible for the user provision of blockchain analytics and comprehensive financial statement audits.
Paul Brody, EY’s global blockchain lead, states that China is undoubtedly one of the largest blockchain technology markets in the world today. Although EY has already been operating in the nation prior to this development, its collaboration with BSN is considered throughout the company as its first major step towards the deployment of EY blockchain platforms in a much grander fashion.
The announcement also detailed that the service availability is still set to go through regulatory approval. The executive director of BSN’s Development Association, Yihan He, supplemented this by stating that EY needs the China State Information Center’s approval before it could go through with the aforementioned development. That being said, both parties feel confident that the regulatory approval would come sooner rather than later.