Today, professional services provider Ernst & Young (EY) launched a blockchain solution for governments to manage public funds. The EY OpsChain Public Finance Manager (PFM) is designed to help governments improve transparency, track budgets, expenditures, results and increase accountability.
Traditionally, government bodies allocate funds for specific purposes and contract third party agencies to carry out the work. For example, the federal government might issue a certain amount of money for public works for a state, which allocates it to various departments under it for specific projects. The accounting becomes complex when federal, state and public institutions are working on the same project in different capacities.
EY says its solution can track public funds in real-time and create a single source of performance information. This will help governments make better decisions with regards to allocating funds for development. While EY did not say so, such a solution can also reduce corruption and siphoning of public funds by bureaucrats and politicians.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
