The Advisory group, Ernst & Young announced the launch of its new financial Software. Using the EY OpsChain Public Finance Manager, the company wants to grab from now on, governments and public administrations in their financial Management under the arms. Blockchain technology is to ensure transparency and efficiency.
By David Barkhausen
17. October 2019BTC$9.107,36 6.00% part Facebook Twitter LinkedIn xing mail
Slow, inefficient, opaque, often need to let the public administrations of these accusations. Especially when it comes to the Management of state or municipal Budgets and the financing of projects is often the suspicion of corruption, according to. Where the tax money goes and why, many citizens are often unclear. These problems, the consultants Ernst & Young (EY) want to announce now using the Blockchain technology the fight.
On the 16. October, the company announced in a press release the launch of the EY OpsChain Public Finance Manager (PFM). Using the Software Advisor to governments and public administrations wishing to engage in the management of financial processes under the arms.
On the Basis of the in-house Blockchain platform EY OpsChain PFM uses of Distributed Ledger technology, the government spending with Budgets and financial planning to match up. The decentralized data management is to provide for the exchange of information in real time and, thus, on the one hand, public decisions more effectively. On the other hand, the program aims to make administrative structures and financial flows in a transparent and responsible use of public money to bring about. Loopholes and financial leaks you want to banish in the past.
Mark MacDonald, head of the EY project, is convinced that the Blockchain technology is the right choice.
A modern public financial Management requires a focus on the Essentials. Transparency, accountability and sound decision-making principles – these are all factors that can be improved by the Blockchain technology. EY OpsChain PFM is an exciting new Tool with which managers within the public financial management of your systems and improve can rate,
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Ernst & Young is testing in Toronto
Recently, the consultants had made to the Software offering, among other things, in the course of a joint partnership with the canadian million city of Toronto to the test. The administration of the province capital of the state of Ontario had used the PFM Software, the allocation process of public funds within the government apparatus.
The idea behind EYs financial solution, however, is not new. These days numerous companies aim at removal of dust from public administrations by using the Blockchain programs. Finally, you can use it to convince more and more governments, cities and municipalities. In addition to the Blockchain-pioneers such as Malta, Dubai and around the Argentine capital, Buenos Aires, Germany could, in the future, to decentralised management systems. In your September post Blockchain strategy the Federal government is open for use in the public sector.
That Ernst & Young give this Trend additional momentum, it is quite plausible, after all, the company is one of the world’s largest consulting firms, whose clients include not only transnational corporations, but also numerous governments.
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