EY introduced a blockchain solution for public finance management

A solution called EY OpsChain Public Finance Manager will help governments track real-time funds, according to a statement
EY. It creates a single dashboard of financial information indicators and helps governments track budgets and expenses for better financial management.

According to the company, the EY OpsChain Public Finance Manager blockchain application has already been tested in different cities and countries. In particular, the administration of the Canadian city of Toronto tested the process of reconciling and transferring funds between departments using a solution, as part of efforts to transform the financial management system of the city.

“As governments around the world modernize cities and digitize administrative processes, blockchain technology can have a positive impact on these initiatives, from tax collection to data disclosure for government spending,” says EY.

This is not the first time that EY has presented a solution for the blockchain and cryptocurrency industry. In May, it became known that Ernst & Young will accept
participation in the development of a blockchain platform for tracking the supply of wine, and in April the company announced
two new developments in the field of blockchain: a new version of the blockchain analyzer and a zero-disclosure evidence protocol.

In addition, in March this EY introduced
service for calculating taxes on cryptocurrency transactions. The tool is called Crypto-Asset Accounting and Tax (CAAT) and is intended to facilitate tax accounting of transactions in digital currencies.