What EY can do for you
Blockchain is a digital peer-to-peer asset transaction exchange, shared among a distributed network of computers, that can help increase the speed of completion or settlement and improve security. It has the potential to streamline and accelerate your business processes, increase protection against cyber threats and reduce or eliminate the roles of intermediaries.
Blockchain can offer you a compelling option when data that should be stored collectively is fragmented at the source or there is an absence of data security. Some benefits of leveraging this technology include data reconciliation, standardization and harmonization and reduced risks.
See more: Blockchain consulting services
Three key features of blockchain are:
1. Distributed ledger
- Every participant in the network keeps a copy of all transactions
- Transactions are secured by encryption to prevent tampering
2. Consensus algorithm
- No one node or server is responsible for approving transactions, leading to genuinely distributed transaction processing
- Each entry is validated and recorded on all ledgers across the network
3. Smart contracts/programmable ledger
- Transactions can be sent with rules attached – small programs that govern when and how transactions are processed.
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Our approach to blockchain starts with a maturity assessment where various service lines can support the following enterprise developments:
- Creating organizational awareness. The aim of the first phase is to raise the level of your awareness, working together to identify blockchain potential.
- Performing a blockchain opportunity assessment. During the second phase, the focus is on identifying the areas of application and use cases that would bring the highest added value.
- Developing a transformation road map. In the third phase, we help consolidate, prioritize and build a multi-phase transformational road map.
- Supporting implementation. In this phase, we support you with the definition and implementation of proofs of concept, pilots and full-scale blockchain implementations integrated with your organization and its value chain.
Have you considered these five questions?
- How can blockchain unlock value in your organization’s value chain?
- How will blockchain affect your organization over the next 2, 5, and 10 years?
- What are the taxation and legal implications of blockchain for your organization?
- What are the barriers to organizations pushing off their blockchain agenda?
- What does product innovation look like for your company?
Our Consulting group is here to help you answer these important questions with better answers.