EY (Ernst & Young) announced the availability of its new Explorer & Visualizer solution, an expansion of the EY Blockchain Analyzer product suite.

The new solution will integrate search functionality with the virtualization technology. It will allow audit teams to explore and track on-chain data by looking up for a few particular transactions, blocks, and addresses. This data will be used further to limit legal, compliance, and fraud risks.

The beta version of this solution is available for free (individual use only), and it will be available as-a-service on blockchain.ey.com soon.

According to EY Global Forensic and Integrity Services Lead Andrew Gordon, this solution will make financial reporting for Blockchain-enabled transactions easier and convenient.

“As blockchain-enabled transactions continue to gain momentum, organizations require state-of-the-art technology to deliver confidence in financial reporting, and identification of trends and anomalies in operational activity and performance. The Explorer & Visualizer solution allows management to build these capabilities by analyzing blockchain data to highlight potential outliers including fraudulent red-flag activities,” he added.

In this line, Paul Brody, EY Global Blockchain Leader, said, “The Explorer & Visualizer solution is the second product to launch on blockchain.ey.com alongside the EY Smart Contract & Token Review service. The goal is to provide a simplified and integrated platform for enterprises to review and analyze secure, reliable business transactions on public and private blockchains. The Explorer & Visualizer solution will be integrated with upcoming releases of EY OpsChain, allowing enterprises to enter into a blockchain contract, execute transactions and track the movement of payments, capital assets and supply chain operations from a single viewpoint.”

The solution will move business processes to share blockchain-based smart contracts from ERP systems. It will help in automatic tracking of value and global expenditure. The product details are available here for a quick view.