The four major accounting firms EY have introduced a new solution to check data in the chain including Bitcoin (BTC) transactions.

The new Explorer and Visualizer solution was introduced as part of the EY Blockchain Analyzer product suite. According to an announcement published on September 27, the beta version is now available to individuals at no charge.

EY also said it will soon make the solution available as a service on its blockchain site.

Users can use the search functions in conjunction with the visualization technology. This feature allows audit teams to review and track data in the chain by looking for specific parameters, addresses and blocks. You can then analyze the data collected to manage legal risk, compliance and fraud.

Andrew Gordon, head of global forensics and integrity services at EY, said the Explorer and Visualizer solution will make financial reporting for blockchain-enabled transactions more convenient. This would help to “shed light on potential outliers, including red flag fraudulent activity”.

In addition, EY has launched a new procurement solution on its OpsChain platform – EY OpsChain Network Procurement – which enables companies to conduct end-to-end and secure purchasing activities on the Ethereum blockchain.

The solution, which is currently available in a free trial version, aims to move business processes from ERP systems to blockchain-based smart contracts so that they can automatically track global volumes and expenses. The solution is also expected to help buyers and sellers achieve parity and operate on globally agreed terms and prices.

Source: CoinTelegraph