Ernst & Young has launched a new blockchain platform, known as the EY OpsChain Public Finance Manager, to help governments improve financial management.
The new blockchain is built to bring transparency to organizations. It also aims make governments and governance boards accountable for the outcomes of budgets, expenditures and other financial results. Through blockchain, government organizations can match their spending with tangible outcomes.
EY designed the new blockchain to improve administrative efficiencies while also being able to track funds in real time. The blockchain puts all transactions into a single source of integrated financial and nonfinancial performance. In the end, the goal is for leaders to make more informed decisions.
"Modern public financial management requires focusing on the things that matter most — transparency, accountability and robust evidence for decision-making — all factors that can be enhanced by blockchain technology," said Mark MacDonald, EY's global public finance management leader.