Fidelity Digital Assets, a subsidiary of Fidelity Investments, has become the inaugural enterprise client of EY Blockchain’s web-based analytics tool. Known as the EY Blockchain Analyzer: Reconciler, the platform aims to empower organizations to fortify their internal risk management processes. The tool offers a suite of features that include real-time analytics dashboards to scrutinize transaction accuracy, wallet balances, and digital signatures.
Beyond traditional auditing
The Reconciler tool has its roots in auditing. Since 2018, EY audit teams have been utilizing previous iterations for their audit procedures. Additionally, these versions facilitated the matching of clients’ off-chain and on-chain data. After six years and a multi-million dollar investment, the tool is now broadening its reach to serve enterprises. Besides auditing capabilities, it provides resources to help operations teams query on-chain data directly from the blockchain.
The tool caters to a variety of blockchains such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Dogecoin. Moreover, it is in the works to expand its blockchain support as per client needs. Features like address derivation, block explorers, and staking are on the future roadmap.
Michael O’Reilly, COO of Fidelity Digital Assets, expressed enthusiasm about the partnership. “We are pleased to leverage the EY organization’s web-based analyzer tool,” he stated. “This technology enhances our risk management processes. Hence, it underscores our commitment to maintaining a secure and transparent trading environment.”
Paul Brody, EY Global blockchain lead, also spoke positively of the collaboration. “As the global digital assets marketplace grows, achieving operational excellence is crucial,” he said. “Robust internal risk management can give cryptocurrency platforms the competitive edge they need. Therefore, we are thrilled that Fidelity Digital Assets has chosen our tool to augment their risk management capabilities.”