EY is looking to blockchain solutions

Rage Review : Ernst & Young will launch its third startup challenge project in London. The previous ones have been successful, and this time it will focus on blockchain solutions, mainly in the fields of digital rights management and energy trading. Ernst & Young is one of the world's four largest accounting firms and has previously published research reports on blockchain, which shows its strong interest in blockchain technology. The launch of this project may bring opportunities and challenges to many blockchain startups .

Translation: spring_zqy

EY is looking to blockchain solutions

The Startup Challenge, EY’s six-week mentored startup program, has shifted its focus to blockchain solutions in two key industries: digital rights management and energy trading.

This year, the EY Entrepreneurial Challenge will focus on developing blockchain solutions and technology prototypes. The firm said it is looking for blockchain startups willing to take on this challenge, which may be a field they have never considered before.

In particular, EY is exploring blockchain solutions for the media and entertainment sector, allowing content to record and track rights, which are set and integrated into the work. The firm also said that they also hope to obtain and control content through blockchain solutions to ensure that users have the right to access and use content, and through this solution, pay content owners for the use of proprietary content.

In the energy trading industry, the solutions that EY pursues need to make the trading process more transparent and simpler. These strategies should be able to help energy trading organizations change the way they trade and settle, reduce costs, improve efficiency, and reduce market risks.

Jamie Qiu

Jamie Qiu, leader and initiator of the Ernst & Young Startup Challenge, said in a statement: “We are delighted to launch the third Ernst & Young Startup Challenge in London, following successful launches here and once in Berlin. This time, we are looking for startups using blockchain that have launched a test product, have some seed funding, and want to gain customers and consumers to grow. If you meet the criteria, please contact us.”

Applications for the EY Startup Challenge are now open, with submissions closing on August 14.

EY will select six startups to move to the Innovation Center in London in early September. The companies will have the right to choose mentors and educational workshops. The program will culminate with a Demo Day on October 20, where the teams will demonstrate the solutions they have created.

EY is one of the world's largest accounting and consulting firms and has been active in the blockchain startup ecosystem.

In France, EY sponsored two blockchain-focused open challenges at the Viva Tech Summit earlier this month. Specifically, EY was looking for blockchain solutions to automate the verification and certification of financial statements, and for tax lawyers to verify contract information directly between two parties.