One of the Big Four accounting firms Ernst Young has announced a 100 million investment to expand its line of products related to the blockchain industry. In parallel with this, EY launched a DeFi contract simulator.
The company presented the second iteration of the Smart Contract Token Review toolkit using Blockchain Analyzer. EY executives said the 2nd generation of tools will unlock many of the opportunities used in complex DeFi contract ecosystems. The company representatives emphasized that with the help of Testing Studio, they will be able to simulate the execution of smart contracts by testing directly on the main network. The tool has already been used by the SolidBlock platform, calling the solution a “good experience”.
Speaking of software solutions, the company also said that the Italian beer brand Birra Peroni has already used EY OpsChain Traceability on the ETH blockchain to track supply chains. This solution allows the company to mint NFT, making every shipment of beer different. Birra Peroni can now be called “the pioneer in the beer NFT world”. At the same time, the EY OpsChain Traceability system not only simplifies the process of monitoring long supply chains but also integrates them into ERP systems. With the help of a blockchain tool, the enterprise better allocates resources, making it easier to track the current location of products.
EY paid close attention to potential errors in smart contracts. Because they can pose big security troubles for both private and public blockchains. In addition, in the latter, they can be used without the ability to cancel transactions.
The head of Ernst Young Global Blockchain is confident that in the future they will be able to tokenize everything from inventory to invoices and be able to seamlessly integrate them into the DeFi industry.