Ernst & Young – among top global professional services entities – is reportedly establishing its blockchain footprints in China, via a collaboration with blockchain initiatives in the country. 

Specifically, EY will reportedly be carrying out the deployment of its blockchain solutions across the Ether blockchain and Blockchain Open Source – a platform operated by Tencent-supported Financial Blockchain Shenzhen Consortium (FISCO). 

EY will reportedly make two of its blockchain products available – EY Blockchain Analyzer and EY OpsChain, via the China-based national blockchain initiative, the Blockchain-powered Service Network.

The offerings will reportedly be rolled out to Chinese clients, together with users throughout the whole EY Asia-Pacific area. 

Built for business engagement through public and private blockchains, EY OpsChain will be the first EY solution deployed on BSN.

The service availability will reportedly be awaiting regulatory greenlight from the State Information Center of China, as disclosed by Yifan He, executive director at the BSN Development Association. 

He further revealed that operating public chain nodes in China has not fully been regulatorily authorized, as per compliance with regulations by the Cyberspace Administration of China.

“But an IT system in China to access public chain nodes outside China is not illegal. Because EY will mostly deploy the related products on framework FISCO BCOS, we have been working together to do integration for a while”. He further explained. 

EY Global Blockchain Leader Paul Brody reportedly remarked that the new initiative is a significant development towards establishing connections among the biggest economies throughout the globe, via blockchain.