Big Four Accounting Firms Dig Further into Blockchain, EY Acquires New Patents

While the landscape for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term is still in its infancy, its potential has led the world’s leading accounting firms to explore ways to implement the emerging technology in their work. The latest is Ernst & Young LLP which has acquired certain technology assets and patents to boost its services for crypto assets.

Accounting services firm has purchased the Andy Crypto-Asset Accounting and Tax (CAAT) tool from the US-based startup Elevated Consciousness, Inc. The solution connects with multiple cryptocurrency exchanges and wallets, allowing for better visibility into cryptocurrency transactions.

Meanwhile, the pro-crypto push may not only aim to lower transaction costs for its advisory ‎services but seems part of a wider strategy to promote the developments of digital products.

Ernst & Young is one of the famed Big Four tax and accounting companies in the world, which also includes Deloitte, PwC, and KPMG, all of which generate yearly revenues of over $20 billion. The company was the first to begin accepting Bitcoin as a payment method, and PricewaterhouseCoopers has shortly joined it. Also, other professional services providers have been eyeing this trend for quite some ‎time as Bitcoin, and other established cryptocurrencies have now been more broadly accepted ‎as forms of settlement.‎

Blockchain Analyzer portfolio

One of the very recent and interesting announcements has been the partnership of EY with Microsoft to launch a blockchain platform that will keep track of collecting and disbursing royalty Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for software developers, musicians, authors, and other creatives and copyright owners.

Paul Brody, EY’s global innovation leader, commented: "This acquisition is another element in building out a portfolio of blockchain and cryptocurrency solutions across our businesses. Tax strategy, planning, and execution will be a key part of everything we build across our solutions, from supply chain management to software licensing solutions. We plan to integrate the CAAT tool into our Blockchain Analyzer portfolio to develop one of the industry's broadest sets of technology and process services in tax and assurance."