EY Unveils Public Finance Blockchain to Track Gov’t Spending
Adrian Zmudzinski's original article for cointelegraph.com reduced by 57%
Big Four auditing firm Ernst & Young has launched a blockchain platform for public funds meant to enhance transparency. The OpsChain Public Finance Manager system enables transparent tracking of public budgets and expenditures viewable by all citizens. PFM will also reportedly enable public funds to be matched with outcomes, which in turn would provide insight into how effective different policies are.
The system can reportedly track government public funds as they move through different state agencies. "Blockchain technology can positively impact processes from tax collection to open data to public spending. 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." EY also reportedly already tested tracking public funds on a blockchain in multiple places, including the Canadian city of Toronto.
As Cointelegraph reported in April, the United States federal government is expected to raise its blockchain spending to $123.5 million by 2022.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.