Ernst & Young (EY), a professional services company, has made another investment in the blockchain to show its devotion to the technology. The firm unveiled this news through a press release on May 17, noting that it would be investing in $100 million (£70,460,000.00) in the research and engineering of blockchain services and crypto technology.
Reportedly, this investment seeks to expand the solution portfolio and prototype contributions to the public domain. This investment comes after the company pumped $1.5 billion into EY People, technology, and audits through the EY NextWave strategy in September last year. With the $100 million, EY seeks to mitigate the development of new products, enhance user experience, and increase market adoption of the blockchain, especially now that tokenization and smart contracts have powered a new generation of multi-party B2B transactions.
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Commenting on this news, EY’s Global Chairman and CEO, Carmine Di Sibio said
Over the past five years, we have been investing in blockchain and have developed innovative solutions, establishing EY as a leader in this emerging industry. As blockchain adoption continues to grow and we see more demand from EY clients, we are excited about further EY investment to respond to their challenges and needs.
Beer company adopts EY traceability solution
Illustrating just how much demand there is for its blockchain solutions, EY also announced that Birra Peroni, an Italian beer company, had become the first industrial organization to integrate the EY OpsChain traceability solution. Per the announcement, the firm will use the solution to authenticate data and tokenized goods by using Ethereum blockchain-based non-fungible tokens (NFTs).
In doing so, Birra Peroni will be able to mint unique NFTs for each batch of beer, thus enhancing traceability and efficiency in its supply chain. Explaining how this integration would help improve Birra Peroni, the company’s Corporate Affairs Director, Federico Sannella said the firm considers its connection with the agricultural supply chain and the quality of its 100% made-in-Italy malt strategic assets.
He added that Birra Peroni believes sustainability is deeply related to the quality of raw materials, and that the company wanted to share this value with its customers. Sannella went on to tout the EY OpsChain traceability solution, saying that it will help the company achieve its goal to introduce visibility and transparency into its supply chain for both its partners and consumers.