April 25, 2024

Ernst&Young (EY) has launched a blockchain solution for public finance management!

EY presented a blockchain solution for public finance managementErnst&Young (EY) has launched a blockchain solution for public finance management!
Large auditing firmErnst&Young (EY) has launched a new blockchain solution to help governments improve the financial management of public funds.

A solution called EY OpsChain Public FinanceManager will help governments track funds “in real time,” according to an EY statement. It creates a single dashboard of financial information and helps governments track budgets and expenses for better financial management.

According to the company, the EY blockchain applicationOpsChain Public Finance Manager, has already been tested in different cities and countries. In particular, the administration of the Canadian city of Toronto tested the process of reconciling and transferring funds between departments using a solution, as part of efforts to transform the financial management system of the city.

“As governments around the worldmodernize cities and digitize administrative processes, blockchain technology can have a positive impact on these initiatives, starting from tax collection and ending with the discovery of data for government spending, ”says EY.

This is not the first time that EY has presentedsolution for the blockchain and cryptocurrency industry. In May, it became known that Ernst&Young would take part in the development of a blockchain platform for tracking wine shipments, and in April the company announced two new developments in the field of blockchain: a new version of the blockchain analyzer and a zero-knowledge proof protocol.

In addition, in March of this year, EY introduced a serviceto calculate taxes on cryptocurrency transactions. The tool is called Crypto-Asset Accounting and Tax (CAAT) and is designed to facilitate tax accounting for transactions in digital currencies.

source: https://bits.media/ey-predstavila-blokcheyn-reshenie-po-upravleniyu-gosudarstvennymi-finansami/

To my regret, these decisions for transparent public budget control are possible only in democratic countries.