Yesterday EY announced it is plowing $100 million into blockchain and crypto-asset research, as well as engineering and services. We’ve asked over what period the investment will happen.
While most other consultants support a mix of blockchains, from the start EY committed to Ethereum under the blockchain leadership of Paul Brody. Since then, it has launched both public and private blockchain solutions, including participating in the creation of the Baseline Protocol alongside ConsenSys and Microsoft, which aims to help enterprises adopt the public blockchain.
One of EY’s offerings is the EY Blockchain Analyzer suite of tools. Currently, this has three services, an Ethereum smart contract testing tool, a blockchain explorer and a tax calculator.
Bugs in smart contracts present big security risks for private and public blockchains, but especially the latter, where they can be exploited without the ability to reverse transactions. Hence, there is a demand for extensive testing of all public blockchain smart contracts, especially for decentralized finance (DeFi).
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