EY rolls out new blockchain solutions for India

Professional services firm EY on Tuesday said that it was launching a series of new blockchain-based solutions and services for the Indian market.

“The potential positive impact of blockchain on the Indian economy is enormous," said Prashant Garg, EY's partner at its data and analytics practice. “It can streamline and accelerate an organisation’s business processes, increase protection against cyber threats and reduce or eliminate the roles of intermediaries.”

The solutions and services include EY's Smart Contract Analyzer, Ops Chain and Blockchain Analyzer and the firm's zero-knowledge proof technology.

Explaining further, Garg said that the Contract Analyzer was a contract testing and security service for public Ethereum-based blockchains. The service is currently entering a private beta test which will allow EY to monitor smart contracts and tokens for known security risks.

EY said that it has developed a list of more than 250 standard tests that cover aspects ranging from known malware to coding errors and is deploying these tests into the system in categories ranging from known security flaws to efficiency concerns.

The service also allows for the development of customised token tests and continuous monitoring for changes, Garg added.

Speaking about Ops Chain, Garg said that the solution was aimed at using blockchain in enterprises for industrialisation purposes.

"The upgraded solution will support up to 20 million transactions per day on private networks, advanced token technology enabling financial services functionality to be integrated into assets and the development of a library of smart contracts that automate standard business processes," EY said in a statement.

It added that as a result of the integration across enterprises, early users are expected to see performance and speed improvements of 90% in some processes.

Garg also spoke about Blockchain Analyzer and said that it is an analytics tool that is made available as a business application to enterprises for enabling financial reporting, forensic investigations, transaction monitoring and tax calculations.

EY said that the analytics tool has undergone significant developments as part of a multi-million-dollar investments over the last two years and now supports new cryptocurrencies, analysis for zero-knowledge proof private transactions on different kind of blockchains.

The advisory services firm also launched its zero-knowledge proof private transaction protocol in the public domain to help accelerate the adoption of secure, private transactions over public blockchains.

Since the launch of the initial prototype last year, EY said that its teams have significantly reduced transaction processing costs for users by more than 90%.

"Transactions processed using this technology are private to all blockchain users except those authorised to see the information," the company said in a statement.