SHANGHAI, February 4, 2021 / PRNewswire / – EY today announced that it has joined the Financial Blockchain Shenzhen Consortium (FISCO), a nonprofit dedicated to the use of blockchain for financial applications. EY teams will use the Blockchain Service Network (BSN) to offer users in EY Blockchain Analyzer and EY OpsChain China and across EY’s Asia Pacific region on the FISCO BCOS platform. The EY teams will also use the upcoming BSN Controlled Access service to allow governmental access to the Ethereum network in China.
Decision makers in China Prioritize Blockchain for Digital Transformation – 73% of respondents say blockchain will be very or extremely important to their company’s business and strategic priorities in the next 12 months. i EY teams use the FISCO BCOS platform to expand the availability of their blockchain solutions in the Chinese market. BCOS runs on BSN, a global blockchain hosting and application platform.
Paul Brody, EY Global Blockchain Leader, says:
“”China is one of the largest blockchain technology markets in the world. While EY teams have been working there for several years, this is the EY organization’s first big step in making the EY blockchain platform available in a scalable manner. By offering FISCO BCOS and Ethereum, EY experts will serve customers within the company China and about the Asia Pacific Region and connect these users to the global blockchain. I see this as an important step forward in connecting the world’s largest economies through blockchain technology. ”
EY OpsChain will be the first EY solution to be deployed on BSN, including procurement and traceability capabilities for corporate users. EY teams will use BSN to complete the integration and deployment of EY Blockchain Analyzer for blockchain analysis and final audits. Initial availability is focused on the planned open version of Ethereum in China with a future expansion to a version of the Ethereum network with controlled access around the world as it becomes available. The availability of services is subject to regulatory approval. Once deployed, all services will be available via blockchain.ey.com.cn.
Jimmy Ong, EY Asia-Pacific Blockchain Leader, says:
“Expanding the availability of EY blockchain solutions with the FISCO BCOS platform and BSN is an important strategic step and an important step forward to support the rapid introduction of blockchain in China and all over the world. We look forward to working closely with the consortium to drive competition in the marketplace, make EY solutions more accessible to local customers, and help companies implement efficient blockchain strategies. “
FISCO BCOS offers several functions, such as B. Group architecture, cross-chain communication protocols, pluggable consensus mechanisms and data protection protocols, and helps ensure that EY services for customers in the United States are compliant China. Additionally, the performance of FISCO BCOS with single chain setup has reached over 20,000 transactions per second (TPS). This enables customers to use EY blockchain solutions in conjunction with the advantages of the open source platform.
Huiya Yao, FISCO Deputy General Secretary, said:
“We are excited to take this significant step to further enhance and develop the significant growth of blockchain in the Chinese market. Working with EY teams will both advance FISCO’s local and global businesses and strengthen the capacity of EY Blockchain Analyzer and EY in OpsChain solutions. “
Yifan He, Executive Director of the BSN Development Association, says:
“In our conversations with EY teams, it is clear that we share a common vision of the power of blockchain technology and the importance of global scaling. The position of the EY organization as the world’s leading provider of business applications in the public Ethereum network and its major ones Investing in security technology is a great addition to our organization and will help create significant value for our users. “
i Source: Forrester Report, The State of the Blockchain In China, 2020, published December 2, 2020.