EY said it has opened its own Blockchain Lab in New York, United States of America.
The company said the Blockchain Lab will run on a set of applications and services aimed at helping organizations commercialize the use of blockchain technology across the enterprise. EY Ops Chain combines blockchain-based services developed jointly by EY and industry collaborators, combining EY’s full range of consulting, tax and audit expertise to drive enhanced business performance and growth.
Paul Brody, EY Global Innovation Leader, Blockchain, says:
“It’s time for blockchain to go beyond finance applications alone and deep into industry. Our EY Ops Chain vision is to drive the blockchain revolution by integrating finance with operations to industrialize blockchain for businesses.”
Using EY Ops Chain, companies can simplify supply chain management and seamlessly integrate digital contracts, shared inventory and logistics information, pricing, invoicing and payments. This can improve forecast accuracy and fulfillment performance while reducing working capital requirements. Over time, EY will expand EY Ops Chain from its start in financial services and supply chain management to offerings across multiple industries, including power and utilities, automotive, oil and gas, and media and entertainment, among others.
Brody says: “Finance is embedded in every phase of business operations, and simplifying the payments, financing, and insurance processes ultimately drives business performance. Using blockchain technology to improve these operations can result in business advantages. For example, cargo in transit can insure and finance itself automatically and tariffs, taxes and duties can be paid instantly upon arrival at a port.”
As a part of the EY investment in blockchain technology, the organization also unveiled its Blockchain Lab in New York, where it is bringing together financial services industry depth with embedded blockchain finance work in a single lab environment in Union Square.
Roger Park, EY Americas Innovation and Strategy Leader for Financial Services Advisory practice, says:
“Clients look to EY to help develop and execute strategies for enterprise transformation, and technologies like blockchain play an essential role in supporting the platforms of the future. Bringing together our blockchain teams, deep business domain knowledge and industrialized innovation capabilities enhances our ability to provide business services that help our clients accelerate their journeys toward becoming digital enterprises.”