Bitfury is recognized by Ernst & Young and becomes its "official" blockchain software supplier

The banking and finance industry’s enthusiasm for blockchain has slowly spread to other industries, including professional services. Recently, consulting giant EY has reached a partnership with blockchain technology provider Bitfury.

Recently, Bitfury won the startup challenge held by EY with its blockchain digital rights management solution. In this challenge, Bitfury and more than 20 EY clients jointly explored multiple use cases of blockchain technology. In the end, the two parties reached a consensus that Bitfury would provide blockchain software services to EY and its clients.

Blockchain is the underlying technology of the digital currency Bitcoin. It is a giant decentralized ledger that records transactions and stores related information on the chain, and has tamper-proof functions. With its low cost and high efficiency, blockchain can easily "penetrate" information security, bank loans, and trade.

Bitfury CEO Valery Vavilov said in an interview:

We are honored to work with EY, an international professional services organization, to provide blockchain technology solutions to its large client base.

This collaboration aims to bring blockchain technology to more companies and countries, improving their operational efficiency and security.

The collaboration between EY and Bitfury is expected to expand the specific use cases of blockchain to include technology, energy and public services, making it not always limited to the financial sector.

In the past, the potential applications of blockchain by banks, governments and other institutions have always remained at the discussion stage, but this year, a large number of companies have taken practical actions.

Vijay Michalik, research analyst at Frost & Sullivan, said:

Deloitte and its internal blockchain lab Rubix have laid the foundation for the application of blockchain technology in the professional services sector. Collaborations like this one (EY and Bitfury) can accelerate the development of blockchain in this field.

Blockchain startups have long maintained partnerships with professional services firms, and the end of this year will see their proof-of-concept projects mature and gradually transform into enterprise-level applications.

For example, in October this year, several South African banks integrated resources to develop and test a system for issuing syndicated loans through blockchain.

Meanwhile, credit card giants Visa and MasterCard have both invested heavily in blockchain: MasterCard has developed three tools (three blockchain APIs) that allow banks and businesses to settle payments and generate contracts, while Visa plans to launch a B2B blockchain payment service next year.