EY Advisory and Consulting announces the use of Corda to provide benefits as part of its response support for the new coronavirus

At the Blockchain Global Governance Conference (BG2C) held today, it was announced that EY Advisory & Consulting is developing a blockchain solution based on R3’s blockchain Corda to support the response to the new coronavirus, with the aim of accelerating the delivery of benefits.

The company will use blockchain to digitize the delivery of benefits related to the new coronavirus, the company said. The U.S. government used robotic process automation (RPA) to implement a benefits program PPP (Payroll Protection Program) related to the new coronavirus. And the U.S. government was able to get the money deposited into the applicant’s account within about a week of applying for the benefits. On the other hand, in Japan, it is difficult to check the identity of the applicant, and the digitalization of the application has not progressed.

Therefore, EY Advisory and Consulting has considered providing benefits through financial institutions using the information for identification. Rather than municipalities providing benefits, if benefits were outsourced to financial institutions, financial institutions would be able to provide benefits as long as the applicant retained his or her application form and believed he or she had the right to apply.

The reason for choosing Corda as a shared ledger for information between local governments and financial institutions is that it is mainly for transaction processing between the parties involved, according to the company.

EY Advisory and Consulting is working with local governments and financial institutions in the Kanto area to determine the details of the solution and is preparing to launch it this winter.

Editor’s comment

EY maintains its own blockchain solutions, such as EY Opschain and NightFall, but this time the company will use another company’s blockchain infrastructure, Corda, for the project.

images:Cemile-Bingol