Ernst & Young, one of the world’s largest networks for professional services, is expanding its blockchain services in China in collaboration with large local blockchain projects.
According to a February 5 announcement, EY will deploy its blockchain products on the Ethereum blockchain and open source blockchain, a platform operated by the Tencent-supported Financial Blockchain Shenzhen Consortium (FISCO).
EY will offer its two blockchain solutions – EY Blockchain Analyzer and EY OpsChain – specifically through the Chinese national blockchain initiative, the Blockchain-based Service Network. The offerings are available to users in China as well as throughout EY’s Asia-Pacific region. EY OpsChain was developed for business interaction via public and private blockchains and is the first EY solution to be deployed on BSN.
According to the announcement, the availability of the service is subject to regulatory approval. Yifan He, executive director of the BSN Development Association, told Cointelegraph that EY will need approval from the State Information Center of China. He noted that it is not entirely legal to operate public chain nodes in China under the regulations of the Cyberspace Administration of China. “However, having an IT system in China to access public chain nodes outside of China is not illegal,” he said.
“Since EY will provide the associated products primarily on the FISCO BCOS framework, we’ve been working together for some time to do the integration,” he added.
Paul Brody, Global Blockchain Leader at EY, said the new development is an important step forward in connecting the world’s largest economies through blockchain technology:
“China is one of the largest markets for blockchain technology in the world. This is the first big step of the EY organization to use the EY blockchain platform in a scalable way. Through the offering of FISCO BCOS and Ethereum, EY experts will serve customers in China and the Asia-Pacific region and connect these users to the global blockchain. “
As previously reported, FISCO BCOS is an open source and coin-less blockchain platform for financial services developers. Founding members of the initiative include large local Chinese companies such as WeBank, Tencent Cloud, Huawei and Shenzhen Securities Communication. In 2019, FISCO BCOS was selected as the technology infrastructure for BSN, a government-sponsored initiative designed to help companies deliver blockchain-based applications.