Ernst & Young offices in London, photographed on 14 February 2018.
Ernst and Young is one of the four largest accounting firms in the world. The firm is simply known as EY and is a multinational professional services network and has its headquarters in London, England. The company has announced that it is investing $100 million into the engineering and development of distributed ledger technologies (DeFi). On the 17th of May, the company unveiled its second-generation smart contract and token review tools through its Ernst and Young Blockchain Analyzer product suite, including a testing studio that allows simulated smart contract execution for complex decentralized finance (DeFi) applications.
“The new iteration supports multiple new capabilities that are expected to be used in complex DeFi contract ecosystems. It offers a blend of compliance testing with traditional code review, and it supports customized smart contract tests and simulation of mainnet transaction”, the company said while introducing its second-generation of smart contract and token evaluation instruments.
The globally recognized firm also mentioned that Birra Peroni, an Italian beer company, is using its Ethereum-based supply chain called the “EY Opschain Traceability”, With this, the Italian company is validating information and minting Non-Fungible Tokens (NFTs), identify as well track data for batches of its beer.
What Ernst and Young’s investment means on a large scale to small and large investors alike is that there are more reasons to believe and indulge in blockchain technology. As more globally renowned companies continue to indulge in activities that tap into the blockchain technology, the technology as a whole gets more credibility. People will also have more reasons to want to invest in blockchain-related assets and investments. Blockchain technology surpasses cryptocurrency that it is mostly known for. Blockchain technology can create new opportunities across various sectors and industries like healthcare, cyber-security, banking, etc. The future of blockchain technology is still very much unpredictable, but wide opportunities lies therein and this is why companies are investing in the technology now that is still is at its early stage.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
