EY has joined the Chinese Financial Blockchain Shenzhen Consortium (FISCO), a non-profit organization dedicated to the use of blockchain for financial applications. EY teams will use Blockchain Service Network (BSN) to offer EY Blockchain Analyzer and EY OpsChain to users in China and across the EY Asia-Pacific region on the FISCO BCOS platform. EY teams will also use BSN’s forthcoming controlled-access service to help enable regulatory-compliant access to the Ethereum network in China.
Decision-makers in China are prioritizing blockchain for digital transformation – 73% of respondents say that blockchain will be very or extremely important for their firms’ business and strategic priorities in the next 12 months.i EY teams are leveraging the FISCO BCOS platform to broaden the availability of its blockchain solutions in the Chinese market. BCOS runs on BSN, a global blockchain hosting and applications platform.
Paul Brody, EY Global Blockchain Leader, stated, “China is one of the largest markets for blockchain technology in the world, and, while EY teams have been operating there for several years, this is the EY organization’s first big step in deploying the EY blockchain platform in a scalable manner. By offering both FISCO BCOS and Ethereum, EY professionals will serve clients within China and across the Asia-Pacific region and connect those users to the global blockchain. I see this as a key step forward in connecting the world’s largest economies through blockchain technology.”
EY OpsChain will be the first EY solution deployed on BSN, including procurement and traceability functions for enterprise users. EY teams will use BSN to complete the integration and deployment of EY Blockchain Analyzer for blockchain analytics and financial statement audit. Initial availability will focus on the planned open permissioned version of Ethereum in China with a future extension to a controlled access version of the Ethereum network across the globe when it becomes available. Service availability will be subject to regulatory approval. Once deployed, all services will be available through blockchain.ey.com.cn.
Jimmy Ong, EY Asia-Pacific Blockchain Leader, added, “Expanding the availability of EY blockchain solutions with the FISCO BCOS platform and BSN is a key strategic move and a major step forward to support the rapid adoption of blockchain in China and across the globe. We are looking forward to working closely with the consortium to drive competition in the market, make EY solutions more accessible to clients locally and help organizations implement efficient blockchain strategies.”
FISCO BCOS offers multiple features, such as group architecture, cross-chain communication protocols, pluggable consensus mechanics and privacy protection protocols, and will help make EY services regulatory compliant for clients in China. In addition, FISCO BCOS performance has reached over 20,000 transactions per second (TPS) with single-chain setup – help enabling clients to utilize EY blockchain solutions in conjunction with the benefits of the open source platform.
Huiya Yao, Executive Vice Secretary-General, FISCO, said, “We’re pleased to kickoff this significant step to further enhance and develop the significant growth of blockchain across the Chinese market. The collaboration with EY teams is conducive in both promoting FISCO’s local and global businesses and strengthening the capacity of EY Blockchain Analyzer and EY OpsChain solutions.”
Yifan He, Executive Director, BSN Development Association, commented, “In our conversations with EY teams, it is clear we share a common vision of the power of blockchain technology and the importance of global scale. The EY organization’s position as the world leader in business applications on the public Ethereum network, and its large investment in assurance technology, is a great addition to our organization and will help create significant value for our users.”