EY has announced the launch of EY Ops Chain, a set of applications and services aimed at helping organizations commercialize the use of blockchain technology across the enterprise. EY Ops Chain combines blockchain-based services developed jointly by EY and industry collaborators, combining EY’s full range of consulting, tax and audit expertise to drive enhanced business performance and growth.
Paul Brody, EY Global Innovation Leader, Blockchain, said: “It’s time for blockchain to go beyond finance applications alone and deep into industry. Our EY Ops Chain vision is to drive the blockchain revolution by integrating finance with operations to industrialize blockchain for businesses.”
Using EY Ops Chain, companies can simplify supply chain management and integrate digital contracts, shared inventory and logistics information, pricing, invoicing and payments. This can improve forecast accuracy and fulfilment performance whilst reducing working capital requirements. Over time, EY will expand EY Ops Chain from its start in financial services and supply chain management to offerings across multiple industries, including power and utilities, automotive, oil and gas, and media and entertainment, among others.
Brody remarked: “Finance is embedded in every phase of business operations, and simplifying the payments, financing, and insurance processes ultimately drives business performance. Using blockchain technology to improve these operations can result in business advantages. For example, cargo in transit can insure and finance itself automatically and tariffs, taxes and duties can be paid instantly upon arrival at a port.”
As a part of the EY investment in blockchain technology, the organization also unveiled its Blockchain Lab in New York, where it is bringing together financial services industry depth with embedded blockchain finance work in a single lab environment in Union Square.
Roger Park, EY Americas Innovation and Strategy Leader for Financial Services Advisory practice, commented: “Clients look to EY to help develop and execute strategies for enterprise transformation, and technologies like blockchain play an essential role in supporting the platforms of the future. Bringing together our blockchain teams, deep business domain knowledge and industrialized innovation capabilities enhances our ability to provide business services that help our clients accelerate their journeys toward becoming digital enterprises.”
To support the launch of EY Ops Chain, EY is investing in research and continues to hire professionals including cryptographers, physicists, mathematicians and software developers to facilitate the mature and scalable design of blockchain services. Inside the new EY Financial Services Blockchain Lab, these professionals will work to help clients apply blockchain and distributed ledger technology in the changing regulatory, customer and risk dynamics environment of the financial services industry.
The New York Blockchain Lab joins two other EY blockchain locations in London and Trivandrum, India as part of the EY global research network. The blockchain labs are the latest in the EY multi-million-dollar investment in EY wavespace™ - a network of global innovation and growth facilities that drives innovation in disruptive technologies and links EY firms, labs and professionals worldwide.