Breaking Ground in Blockchain
Ernst & Young (EY), one of the titans in professional service networks, is taking a bold leap by enhancing its blockchain services in China. This strategic move involves collaboration with significant local blockchain initiatives, which promises to open new avenues for businesses looking to harness the power of blockchain technology.
What’s in the Toolbox?
According to a recent announcement, EY will be introducing its blockchain offerings on the Ethereum blockchain as well as the Blockchain Open Source platform, backed by the Tencent-supported Financial Blockchain Shenzhen Consortium (FISCO). The main attractions? The EY Blockchain Analyzer and EY OpsChain, which are set to be featured in the emerging Chinese national blockchain initiative, known as the Blockchain-based Service Network (BSN).
Regulatory Hurdles and Working Around Them
Of course, diving into the blockchain ocean isn’t without its challenges. Before users can get their hands on these services, regulatory approvals are a must. Yifan He from the BSN Development Association highlighted that although running public chain nodes is a bit of a gray area due to the Cyberspace Administration of China regulations, accessing public chain nodes from outside the country isn’t illegal.
China’s Blockchain Landscape
As shared by He, EY has been working intricately with FISCO BCOS to ensure smooth integration. This partnership isn’t just a business deal; it’s a step towards solidifying connections between the global market and one of the most vibrant blockchain environments on the planet!
Breaking into the Big League
Paul Brody, EY’s Global Blockchain Leader, proclaims this initiative as a pivotal move in digital economies. “China is one of the largest markets for blockchain technology in the world,” he passionately stated. This venture isn’t merely about technology. It’s a significant opportunity to connect clients in China and the Asia-Pacific region to the wider blockchain universe.
FISCO BCOS: The Backbone
So, what exactly is FISCO BCOS? It’s an open-source blockchain platform cleverly devised for financial service developers. Notably, the platform is supported by industry giants like WeBank, Tencent Cloud, and Huawei. By 2019, FISCO BCOS was recognized as the backbone technology for BSN, a governmental initiative focused on helping businesses leap into blockchain apps.
Conclusion: A Future of Infinite Possibilities
This collaboration between EY and local blockchain projects is more than just a business expansion. It signifies the dawn of a new era where traditional and digital economies blend seamlessly. As the world watches, it may well be the start of something extraordinary in the financial landscape, with blockchain technology leading the charge.
