EY, a professional services company, has announced a new blockchain solution for governments, aimed at improving the management of public funds.
A solution called “OpsChain” will helpgovernments to track funds in real time. The system creates a single panel of financial information and helps governments track budgets and expenses for better financial management.
According to company representatives, the solution, created on the basis of EY’s own blockchain application, OpsChain, has already been tested internationally.
As governments around the worldthey digitize financial processes, the blockchain technology will have a positive impact, starting with tax collection and ending with the discovery of data for government spending, EY said.