Ernst and Young is one of the four largest accounting firms in the world. The firm is simply known as EY and is a multinational professional services network and has its headquarters in London, England. The company has announced that it is investing $100 million into the engineering and development of distributed ledger technologies (DeFi). On the 17th of May, the company unveiled its second-generation smart contract and token review tools through its Ernst and Young Blockchain Analyzer product suite, including a testing studio that allows simulated smart contract execution for complex decentralized finance (DeFi) applications.
“The new iteration supports multiple new capabilities that are expected to be used in complex DeFi contract ecosystems. It offers a blend of compliance testing with traditional code review, and it supports customized smart contract tests and simulation of mainnet transaction”, the company said while introducing its second-generation of smart contract and token evaluation instruments.
The globally recognized firm also mentioned that Birra Peroni, an Italian beer company, is using its Ethereum-based supply chain called the “EY Opschain Traceability”, With this, the Italian company is validating information and minting Non-Fungible Tokens (NFTs), identify as well track data for batches of its beer.
What Ernst and Young’s investment means on a large scale to small and large investors alike is that there are more reasons to believe and indulge in blockchain technology. As more globally renowned companies continue to indulge in activities that tap into the blockchain technology, the technology as a whole gets more credibility. People will also have more reasons to want to invest in blockchain-related assets and investments. Blockchain technology surpasses cryptocurrency that it is mostly known for. Blockchain technology can create new opportunities across various sectors and industries like healthcare, cyber-security, banking, etc. The future of blockchain technology is still very much unpredictable, but wide opportunities lies therein and this is why companies are investing in the technology now that is still is at its early stage.