EY launches blockchain solution to improve transparency in government spending

EY announced today the launch of EY OpsChain Public Finance Manager, a blockchain-enabled solution to help governments improve the management of public funds. Built on EY’s native blockchain EY OpsChain, the platform helps to provide accountability and clarity into how public monies are spent and results delivered.

In addition to systems capacity to track funds in real-time, the solution also helps to create a single source of integrated financial and nonfinancial performance dashboard helping governments to support decision-making.

Currently, EY is working with early adopters and piloting their blockchain solution with governments worldwide. Recently, the city of Toronto tested the solution to manage the reconciliations and interdivisional fund transfers.

The test results proved increased transparency between several government divisions and divisions were able to extract performance reports more efficiently and effectively.

Mark MacDonald, EY Global Public Finance Management Leader, says: “Modern public financial management requires focusing on the things that matter most – transparency, accountability and robust evidence for decision-making”.