EY (Ernst & Young), a global leader in accounting and professional services, has announced that Fidelity Digital Assets, a subsidiary of Fidelity Investments, has become the first enterprise to adopt EY’s latest blockchain analytics tool, the EY Blockchain Analyzer: Reconciler.
Fidelity Digital Assets will utilize a subset of the capabilities offered by the web-based analytics tool, gaining access to analytical dashboards that can help identify matches and mismatches in transactions, wallet address balances, and digital signatures.
EY has been using a version of the web-based EY Blockchain Analyzer: Reconciler tool for audit procedures since 2018. The tool has been instrumental in reconciling clients’ off-chain books and records to on-chain data. Over the past six years, EY’s Blockchain Analyzer suite of tools has undergone numerous developments with multimillion-dollar investments. These tools are now available for use by enterprises.
The EY engineering teams are continuously working on enhancing the tools and adding support for blockchain data across additional chains, based on client demand. This indicates a strong commitment to staying at the forefront of blockchain technology and meeting the evolving needs of clients.
Paul Brody, the global blockchain leader at EY, emphasized the importance of operational excellence and robust internal risk management in the rapidly growing digital assets marketplace. He stated that by selecting EY Blockchain Analyzer: Reconciler, Fidelity Digital Assets is taking a step towards improving its internal risk management, gaining a competitive edge, and instilling trust among investors and regulators.
Michael O’Reilly, the COO of Fidelity Digital Assets, expressed his satisfaction with leveraging EY’s industry-leading blockchain analytics tool. He highlighted the need for stringent oversight in the digital assets market and stated that incorporating this technology into their risk management processes reinforces their commitment to providing a secure and transparent trading environment for customers.
The adoption of EY’s fourth-generation blockchain analytics tool by Fidelity Digital Assets is a significant milestone. It demonstrates the growing recognition of the importance of blockchain technology in financial services and the increasing demand for effective tools to manage digital assets securely. With EY’s continued investment and development in this area, we can expect to see further advancements in blockchain analytics and risk management in the future.