EY has announced a joint partnership with the Financial Blockchain Shenzhen Consortium (FISCO), a non-profit organisation dedicated to the use of blockchain for financial applications.
EY teams will use Blockchain Service Network (BSN), a global blockchain hosting and applications platform, to offer EY Blockchain Analyzer and EY OpsChain to users in China and across the EY Asia-Pacific region on the FISCO Blockchain Open Source (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.
Using blockchain for their digital transformation is increasingly becoming a priority for decision-makers in China. According to a Forrester report, 73% of respondents say that blockchain will be very or extremely important for their firms’ business and strategic priorities in the next 12 months. Thus, EY teams are leveraging on the FISCO BCOS platform to broaden the availability of the blockchain solutions in the Chinese market.
“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 organisations implement efficient blockchain strategies,” said Jimmy Ong, EY Asia-Pacific Blockchain Leader.
“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 utilise EY blockchain solutions in conjunction with the benefits of the open source platform.”