EY Unveils Public Finance Blockchain to Track Gov’t Spending

Big Four auditing firm Ernst & Young (EY) has launched a blockchain platform for public funds meant to enhance transparency.

Technology news outlet Verdict reported on the launch on Oct. 16. The OpsChain Public Finance Manager (PFM) 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.

Enabling>reported in April, the United States federal government is expected to raise its blockchain spending to $123.5 million by 2022.