Ernst & Young (EY), one of the Big Four auditing firms, has recently launched a new blockchain-based product, a platform that was designed to enhance the transparency of the government. According to the reports, the new platform will be called OpsChain Public Finance Manager.
This system is set to enable transparent tracking of public finances and budgets so that all citizens can view it. The service can also be used to match how much money is being spent against outcomes, which can show how effective the policies are.
One of the main goals of this system is that governments will be able to make data-driven policy decisions with more efficiency. With the data gathered by the platform, they can understand the outcome of their decisions better and create better policies.
According to EY’s official statement, blockchain technology can be important when impacting public spending. This way, public managers can focus on what they need and enhance their work by making it more transparent and accountable.
EY is already testing the product in some cities. One of them is Toronto, Canada. The system allows financial transfers between different sectors of the government and the company claims that its experiments were important to increase the transparency of the city.
Heather Taylor, the chief financial officer of Toronto, affirmed that the official os the city is constantly striving to find better technologies to meet the needs of the residents and to help them more effectively.