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Fidelity Digital Assets taps into EY’s latest blockchain analytics tool

TL;DR

  • Fidelity Digital Assets becomes the first enterprise client to use EY’s new Blockchain Analyzer: Reconciler tool, aimed at enhancing internal risk management.
  • The tool, resulting from a multi-million dollar, six-year investment by EY, allows for querying on-chain data and provides dashboards for transaction analysis, wallet balances, and digital signatures.
  • EY’s Blockchain Analyzer supports multiple blockchains, including Bitcoin and Ethereum, with plans to extend features and blockchain support based on client demand.

Fidelity Digital Assets, a Fidelity Investments subsidiary, has become the inaugural enterprise client of EY’s newly released blockchain analytics tool.

EY unveils fourth-generation tool for enhanced risk management

Ernst & Young (EY), one of the “big four” global accounting firms, recently announced this partnership. The tool in focus is EY’s Blockchain Analyzer: Reconciler, offered via its Software as a Service (SaaS) platform. Designed for organizations to independently query on-chain data, this fourth-generation tool aims to enhance internal risk management protocols. Paul Brody, EY Global Blockchain Lead, emphasized the tool’s role in bolstering operational excellence in the expanding digital assets market. 

He also stated: “EY teams are excited that Fidelity Digital AssetsSM has selected EY Blockchain Analyzer: Reconciler to help them improve their internal risk management. The tool will provide an easy-to-use, web-based interface that allows their operations teams to query on-chain data for cryptocurrency data-related workflows.”

For six years, EY invested multiple millions into developing this dashboard. Before this release, EY audit teams employed earlier iterations for auditing procedures, reconciling off-chain records with on-chain data. Now, the tool is available for wider enterprise applications. Fidelity Digital Assets aims to leverage this tool’s selected array of features. This includes dashboards pinpointing transaction inaccuracies, wallet balances, and digital signatures.

Additional features and blockchain support

EY’s tool accommodates blockchains such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Dogecoin. Moreover, plans are underway to extend support for more blockchain data, responding to growing client demand. Features like address derivation, block explorers, and staking are also in development.

Michael O’Reilly, COO of Fidelity Digital Assets, expressed satisfaction with the EY tool. He noted that the digital assets market requires rigorous oversight. He also added that by integrating this technology for data extraction from public blockchains, Fidelity Digital Assets continues to strengthen its commitment to a secure trading environment for its customers.
Thus, EY’s new tool is a significant addition to the portfolio of risk management resources for enterprises in the digital assets arena. The tool not only provides analytical capabilities but also serves as an independent source for on-chain data. With Fidelity Digital Assets as its first client, EY sets the pace for further adoption among other enterprises.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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