Ernst & Young, one of the world’s largest professional networks, is expanding blockchain services in China in cooperation with major local blockchain projects.
According to the February 5 announcement, EY will distribute its blockchain products on the Ethereum blockchain and open-source blockchain platform operated by the Financial Blockchain Shenzhen Consortium (FISCO), with support from Tencent.
Specifically, EY will offer two of its blockchain solutions – EY Blockchain Analyzer and EY OpsChain – as part of China’s National Blockchain Initiative, a blockchain-based service network. These offers will be available to users in China as well as throughout the EY Asia Pacific region. Dedicated to commercial operations via public and private blockchains, EY OpsChain will be the first EY solution to be deployed to BSN.
According to the announcement, the availability of the service will be subject to the approval of the authorities. Yifan He, executive director of the BSN Development Association, told Cointelegraph NYY that it would need approval from the China Government Information Center. He noted that launching a public network contract in China is not entirely legal under the China Cyberspace Administration regulations. “But China’s IT system to access the public network contract outside China is not illegal,” he said.
He added, “Since EY will primarily distribute related products based on FISCO BCOS, we have been working together on consolidation for some time.”
Paul Brody, EY Global Blockchain Leader, said the new development is an important step forward in connecting the world’s largest economies to blockchain technology:
China is one of the largest blockchain technology markets in the world, and this is EY’s first major step in distributing the EY blockchain platform that is scalable. By introducing FISCO BCOS and Ethereum, EY professionals will serve customers in China and the entire Asia Pacific region and connect these users to the global blockchain. ”
As previously mentioned, FISCO BCOS is an open-source, coin-free blockchain platform for financial services developers. The founding members of the initiative include major domestic Chinese companies such as WeBank, Tencent Cloud, Huawei, and Shenzhen Securities Communication. In 2019, FISCO BCOS was selected as a technology infrastructure for BSN, a government-sponsored initiative aimed at helping companies deploy blockchain-based applications.