EY is expanding its European teams that develop innovative products based on blockchain technology to address current and future customer demand. Multimillion-dollar investment in talent, technology and facilities would see blockchain teams in Europe quadruple over the next 12 months and expand the EY blockchain development footprint worldwide.
“We are expanding our blockchain teams across Europe, beginning in France, the UK and Germany,” said Paul Brody, EY Global Innovation Leader, Blockchain. “These expanded development teams are aligned with our global R&D labs and will be integrated with our financial services and business operations teams to enable business-led, innovative products that address industry issues using blockchain technology. Our target is to double our investment in new product development in Europe around blockchain technology and integrate all of these into our global blockchain community.”
More than 50 EY clients in 15 countries have signed blockchain agreements in industries ranging from logistics, to consumer-packaged goods, to banking. Projects in Europe include a private blockchain project with BNP Paribas’ ALM-Treasury department to optimize the bank’s global internal treasury operations, and the launch of an EY wine blockchain in Italy, created by EY and start-up EZ Lab to help document the quality and geographic origin of wines made in Italy.
“What distinguishes the EY approach in blockchain is the built-in regulatory compliance and audit capabilities within our platform, combined with our global footprint. And while the technology was developed in the financial services sector, blockchain has applications in multiple industry sectors as it enables true peer-to-peer interactions with minimal additional infrastructure requirements,” said Dan Higgins, EY Global Technology Consulting Leader. “The time has come for blockchain to move from a niche sector play to reshape how entire industries work.”