Professional services provider Ernst & Young (EY) has launched a blockchain-powered solution to promote the transparency of public funds for governments, according to a report from Verdict.
The platform, dubbed as EY OpsChain Public Finance Manager (PFM), is specifically designed to help governments improve transparency and track budgets, expenditures, results while increasing accountability in an immutable way.
Based on EY’s OpsChain, the PFM will function as one-stop public fund monitoring and tracking system that will compare government spending programs with the results of the expenditure, even when the money has passed through different layers of government and public service agencies.
This is expected to help governments make better decisions regarding allocating funds for development, as well as improve the overall financial management.
Mark MacDonald, leader of EY Global Public Finance Management, wrote in a statement:
“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.”
PFM is expected to help modernize government processes, such as with taxation, with the company stating that “blockchain technology can positively impact processes from tax collection to open data to public spending.”
The government-targeted platform has already been tested around the world, according to the firm, citing one pilot in Toronto where the system was used to track reconciliations and fund transfers between departments. It reportedly improved transparency and efficiency for the city’s management of public funds.
The firm is also eyeing a range of use cases for the blockchain platform generally, including in healthcare, the food industry, supply chain and financial management.
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