The company published a report called "the Blockchain reaction: Technical plans for critical mass, which contains an overview of the technology and prospects of its application.
According to analysts, the potential of the blockchain deserves attention, because in the near future this technology can be used to optimize and accelerate business processes and reduce the role of intermediaries in financial transactions.
"The blockchain is growing much faster than anyone expected. It is risky to think that this technology will affect your industry many years," says Angus champion de Crespigny, strategic head of distributed technologies and blockchain in the Department of financial services, EY.
In addition to reviewing early cases using the blockchain analysts Ernst & Young examined the time frames of technology development and came to the conclusion that the critical mass in the financial services sector will be achieved within 3-5 years, while other industries may be even worse. However, they said a number of issues relating to the use of technology in the field of taxation, Finance and politics, will require developer time and preparation.
The report of Ernst&Yong also said that the introduction of the blockchain can be accelerated due to the fact that the global economy is currently undergoing a digital transformation, which many companies have already created a digital infrastructure that allows to use the blockchain. The company's experts conclude that companies need to pay attention to the development of the blockchain. And the sooner they do, the better, as many major market players have already made a step in the direction of its application.
"Today, the blockchain just changed the thinking of people. We don't even know all the questions that will lift this technology, and the responses to them. But it's too late to wait for this technology will strengthen its position. Now is the time to begin to identify issues and to influence strategy, which will help to solve them", — said the head of sector of global technology services team in the field of taxation Ernst & Young Channing Flynn.