The crypto space has come a long way over the past few years, and so has the blockchain solution space. While it is true that for most people, crypto and blockchain are synonymous, it needs to be kept in mind that the latter is a form of technology that has a wide variety of uses.
Nowadays, many of the world’s biggest firms are making attempts to use blockchain technology, and the latest in the line is consultancy giant Ernst & Young. The company announced that it is all set to launch a blockchain platform that is meant for public funds and is going to increase transparency substantially.
One of the most important things to point out about a blockchain solution is the fact that it allows a company to come up with solutions that are completely data-driven. The bias that may creep up from other sorts of analytical solutions simply vanishes when blockchain is used, and that has possibly made it such an attractive proposition for some of the bigger companies in the world. Public finance management can be an extremely intricate subject for any company, and hence, it is no surprise that Ernst & Young has decided to use blockchain in order to increase the levels of transparency.
The system that has been installed by the company is apparently capably of tracking the direction in which public funds are being directed in real-time. Such a thing can be a hugely beneficial thing for the public, which might want to find out the agencies which are being given government funds.
Ernest & Young stated, “Modern public financial management requires focusing on the things that matter most — transparency, accountability and robust evidence for decision-making — all factors that can be enhanced by blockchain technology.” It is a highly innovative and bold step from the company, and it remains to be seen how a blockchain solution will help in such a large-scale project.
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Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.