EY introduced a blockchain solution for public finance management
Large Audit Firm Ernst & Young (EY) has launched a new blockchain solution to help governments improve financial management of public funds.
A solution called EY OpsChain Public FinanceManager will help governments track real-time funds, according to EY. It creates a single dashboard of financial information indicators 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.
It is not the first time that EY has presentedsolution for the blockchain and cryptocurrency industry. In May it became known that Ernst & Young will take part in the development of a blockchain platform for tracking wine deliveries, and in April the company announced two new developments in the field of blockchain: a new version of the blockchain analyzer and a zero-disclosure evidence protocol.
In addition, in March this EY introduced a servicefor calculating taxes on cryptocurrency transactions. The tool is called Crypto-Asset Accounting and Tax (CAAT) and is intended to facilitate tax accounting of 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.