Ernst & Young Invests $100 million into Blockchain Industry

Azeez Mustapha
18 May 2021 | Updated: 18 May 2021

Behemoth accounting firm Ernst & Young Global Ltd. has joined the growing list of large corporations investing in crypto and blockchain technology. The firm announced yesterday that it has invested $100 million into engineering and developing distributed ledger technologies (DLT).

Ernst & Young unveiled its second-generation (G2) smart contract and token review tools using its Ernst & Young Blockchain Analyzer product site, which includes a testing studio for enabling simulated smart contract execution for complex decentralized finance (DeFi) applications. The company noted that:

“The new iteration supports multiple new capabilities that [will get] used in complex DeFi contract ecosystems,” Ernst & Young announced. They also stated, “It offers a blend of compliance testing with traditional code review, and it supports customized smart contract tests and simulation of mainnet transactions.”

Ernst & Young also mentioned that Italy-based beer company, Birra Peroni, utilizes its Ethereum-based supply chain solution, known as the “EU Ops Chain Traceability.” Birra Peroni uses the supply train tracker to verify the information and to mint non-fungible tokens (NFTs) for the identification and monitoring of Peroni beer batches.

Ernst & Young Launches More Blockchain Projects

The accounting firm also revealed that it contributed source code to a zero-knowledge-proof prototype compiler in the public domain. Starlight, Ernst & Young’s latest ZKP protocol, addresses worries over the protection of commercial confidentiality on a shared network.

Ernst & Young, in collaboration with Microsoft and ConsenSys, launched The Baseline Protocol, an enterprise-focused Smart Contract protocol, in March 2020. This protocol takes advantage of the Ethereum network as a middleware while providing adequate security for its network users.

The Baseline Protocol provides a platform for enterprises to transact on blockchains without compromising their data security to network counterparts.

What this means for the Blockchain Industry

With more institutional investment coming into blockchain technology and the cryptocurrency industry, these industries become more demystified and are attracting more investments and mainstream adoption.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.