Ernst & Young, one of the world’s largest professional service networks, is expanding its blockchain services in China in partnership with major local blockchain projects.
According to a February 5 announcement, EY will deploy its blockchain products on the Ethereum blockchain and Blockchain Open Source a platform run by Tencent-backed Financial Blockchain Shenzhen Consortium or FISCO.
Specifically, EY will offer its two blockchain solutions: EY Blockchain Analyzer and EY OpsChain – through the Chinese National Blockchain Initiative, the Blockchain-based service network. The offering will be available to users in China and across EY’s Asia-Pacific region. Designed For business interaction via public and private blockchains, EY OpsChain will be the first EY solution to be deployed on BSN.
According to the announcement, availability of the service is subject to regulatory approval. Yifan He, executive director at the BSN Development Association, told Cointelegraph that EY needs approval from the State Information Center of China. He noted that it is not entirely legal to run public chain hubs in China in accordance with the regulations of China’s Cyberspace Administration. “But an IT system in China to access public chain nodes outside of China is not illegal,” he noted.
“Since EY will deploy the related products mainly on the FISCO BCOS framework, we have been working together on integration for a while,” he added.
EY Global Blockchain Leader Paul Brody 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, and this is the first major step for the EY organization to deploy EY’s blockchain platform in a scalable manner. By offering both FISCO BCOS and Ethereum, EY professionals will serve clients in China and the Asia-Pacific region and connect those users to the global blockchain. “
As previously reported, FISCO BCOS is one open-source and coinless blockchain platform designed for financial services developers. The founding members of the initiative include large local Chinese companies such as WeBank, Tencent Cloud, Huawei and Shenzhen Securities Communication. In 2019 FISCO was BCOS selected as the technology infrastructure for BSN, a state-backed initiative to help companies implement blockchain-based applications.