EY launches blockchain solution for governments to help them improve their financial management

“Big Four” professional services firm EY has launched a new blockchain solution for governments around the world to help them improve their financial management of public funds.

The solution, dubbed “EY OpsChain Public Finance Manager,” helps governments to track funds in “real-time,” according to an announcement Tuesday. It creates a single dashboard of financial information and helps governments track budgets and expenditures for better financial management.

Built on EY’s native blockchain application, OpsChain, the Public Finance Manager solution has been piloted worldwide, said the firm, including for the city of Toronto. The city tested how reconciliations and inter-divisional fund transfers are managed, as part of its ongoing financial management transformation efforts, per the announcement.

“As governments around the world are modernizing their cities and digitally transforming their processes, blockchain technology can positively impact processes from tax collection to open data to public spending,” said EY.