EY Blockchain Analyzer, a set of tools designed by EY, one of the ‘Big Four’ accounting firms, to audit cryptocurrency business transactions exclusively. Combining this gesture with the March Launch of similar blockchain auditing service by PwC (another member of the ‘Big Four’), it seems like the accounting industry has taken a newfound interest in the emerging area of blockchain and cryptocurrency.
While on one side, some blockchain and crypto pundits assert that this initial inclusion of ‘Big Four’ would bring the crypto industry few steps closer to bridge the gaps of transparency and security, other factors indicate that this inclusion won’t have such a positive effect.
EY’s move in Auditing Crypto
EY Blockchain Analyzer, Launched on April 24, is a set of tools that will be used by EY auditors as they go about probing the various blockchain-based assets that client company may have. With its design supporting major crypto ecosystems like Bitcoin, Ether, and Litecoin, it can chafe multiple ledgers at once to collect transaction data.
While addressing the exposition behind Analyzer’s launch, Ey’s Global Assurance Innovation Leader, Jeanne Boillet, said in a press conference, “As digital technology continues to advance, we are focused on developing innovative approaches to the audit process and providing confidence and trust to the capital markets.”
This kind of trust by EY can prove to be an opportunity for the cryptocurrency industry, which had been plagued by the detrimental pace of public acceptance due to Scam ICOs, Questionable Currencies, and Collapsed Exchanges.
Only Private, not Public – Limited Penetration?
While the gradual intrusion of ‘Big Four’ into cryptocurrency industry may seem like a definite solution for instilling trust and security, the same cannot be said for the whole industry.
For the starters, It’s most likely that the services offered by EY and PwC would be restricted to the private blockchains used solely by businesses.
Also, a major perspective hints at the redundancy in an Auditor’s role in future, as John – an analyst at Outlier Ventures mentions, “In a future world in which all company transactions are validated on public blockchain technology, the role of a large auditor will diminish.”