EY OpsChain Public Finance Manager

2019: Announcement

In the middle of October, 2019 the British auditor and consulting company Ernst & Young started a blockchain system for expense control of the state budget. It is supposed that a new system will allow to increase efficiency and transparency of financial management.

The company called new a solution blockchain of EY OpsChain Public Finance Manager (The public finances manager). This system should trace the public expenditures in real time and compare results to the planned expenditure. At the same time the blockchain system monitors passing of means through different levels of the public and public services.

Ernst & Young started a blockchain system for expense control of the state budget

Developers report that such blockchain platform will become a uniform source of the integrated information on financial and non-financial performance which will allow officials to control income and expenses of budget money and also movement of other public funds.

The head of EY on global management of public finances Mark MacDonald explained that transparency, the accountability and reliability of the data obtained using such system will allow to look from the new point of view at management of public funds.

A system is based on EY OpsChain, the blockchain platform started in April, 2019. The first project for tracking of financial transactions between city structures developed on the basis of this platform was already tested in the city of Toronto. Developers state that the platform is capable to see to 20 million transactions a day on private networks. The Ernst & Young company also considers other options of use of the EY OpsChain blockchain platform, including in health care, the food industry and tracking of a supply chain.^[1]

Notes