The Blockchain infrastructure provider BSN (Blockchain-Based Service Network), which is backed by the federal government of China, unveils plans to offer services around financial auditing and blockchain analytics for the developers in the Ethereum network through a new partnership with EY (Ernst and Young), the Big Four Auditor.
The accounting firm based in London will now provide the users of Ethereum in China with two different compliance tools – EY Blockchain Analyzer and the EY OpsChain, as per a press release that was shared on a popular crypto blog.
The essence of the EY OpsChain is to integrate traceability and the procurement functions into the Blockchain-based Service Network (BSN), where the users on the Ethereum network will be able to run procurement activities using smart contracts and tokens.
The EY Blockchain Analyzer then offers financial statement audits and blockchain analytics to the users of the network.
The new compliance products are to boost the effort of China further in the race with the United States in the Blockchain industry. More users of the blockchain-based service network will now be able to run and build projects related to blockchain in the network with nursing concern with the compliance issues.
The Global Head of EY, Paul Brody, said in a statement that China represents one of the largest markets of the Blockchain industry globally, and, as much as the EY teams have been running in China for quite some years now, this is the first big step for the EY Organization in launching the EY blockchain platform in a manner that is scalable.
The Blockchain-based Service Network was cofounded UnionPay, a mobile telecom company in China and Red Date, a fintech startup in April 2020. The aim of the project is to create cloud services and an environment standardized for the blockchain developers.
The statement released by the Paul Brody further stated that the initial availability of the services would focus on the permissioned version of the Ethereum Network in china, with an extension to a controlled version of the access to the ETH Network all across the globe in the future when it becomes available.
