EY on Blockchain : What Happens When Value Moves Like Data?
Chain-Finance had a chance to discuss EY’s distributed ledger strategy with Angus Champion de Crespigny. Angus is a Senior Manager in EY’s Financial Services Office where he leads the firm’s distributed infrastructure strategy for the financial services industry.
How large is EY’s blockchain practice? How fast is it growing? Are you hiring blockchain specialists?
We’ve structured our team slightly differently than a single, dedicated practice. Our firm provides services to clients based on their business strategy and objectives, and our blockchain and distributed infrastructure strategy is no different. That is, we’ve made a point from the start of embedding an understanding of this technology within our sectors and service lines to be used as another toolset when considering how to help our clients achieve their objectives. A blockchain product which addresses capital markets issues is still a capital markets product and should be evaluated in the same business-first context as other capital markets solutions.
Saying that, this technology has significant long term potential which is of strategic significance to our clients. What happens when value moves as easily as data? What happens when you can securitize car ownership and digital IP rights? What happens when you can digitally tie loans directly to the underlying asset, track its physical performance and dynamically adjust risk models and payouts? Should the organization be enabling this future environment? We help identify and analyze these impacts and are working on these future states – both from a technical and non-technical perspective, and outside of our traditional service lines and sectors where we work on use cases and business enablement projects. We have a dedicated team of more than 50 professionals globally working on these innovative, future state blockchain and distributed infrastructure applications and business models.
We are hiring blockchain specialists globally with ability to understand the intricacies of current business models, as well as having the innovative mind to be able to see how they could be disrupted.