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Australia: EY Unveils Blockchain Solution to help SMEs

Australia: EY Unveils Blockchain Solution to help SMEs

Australia-based P2P human capital company Block2 has inked a strategic partnership with Big Four accounting and advisory firm EY to help develop 2Mota – a blockchain solution geared toward SMEs.

EY to Aid In Blockchain Solution Development

Block2, an Aussie startup that looks to change the paradigm of the global sharing economy system has onboarded EY to develop 2Mota that offers a slew of features leveraging the benefits of distributed ledger technology (DLT).

Per sources close to the matter, two of the most prominent features of 2Mota include introduction and management of new customers and at the same time, enabling resource optimization in multiple domains including employees, equipment, and workspaces.

Although blockchain technology is still very much in its infancy, companies the world over are not shy to use it in innovative ways.

While public blockchains have often been criticized for their lack of scalability to execute a large number of transactions, private blockchains have been able to bypass this challenge to an extent. Examples of successful deployment of private blockchains can be found in administrationfinance, and other peripheral fields. However, such private blockchains haven’t sat well with firm believers of decentralized ideologies.

Seeing the divided opinion on public versus private blockchains, EY has decided to take a rather unusual approach to its blockchain protocol.

Instead of developing a private iteration, EY has announced that its Nightfall protocol will run on top of the public Ethereum network. Further, the multi-national accounting conglomerate has taken a unique strategy to intellectual property. The company said that it will not only open-source the protocol code but also put it in the public domain with absolutely no license at all.

Australia’s SME sector makes for a substantial part of the country’s economy. 2Mota aims to further streamline operations in the small and medium enterprises space by helping save these firms save their operation and financial costs.

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Commenting on the development, Block2 founder and chief executive, said:

Small and medium-sized businesses, like automotive repair companies, must manage demand to ensure success in an increasingly competitive environment. Block2’s peer-to-peer marketplace addresses challenges in Australia’s automotive repair industry, whereby the lack of supply and demand management is impacting business productivity, investment planning, and growth.

Similar thoughts were expressed by EY Blockchain Leader Paul Brody, who said:

As blockchain technology continues to evolve around the world, we are able to find new ways to improve efficiency and limit unnecessary losses. The use of a blockchain-based peer-to-peer marketplace is an efficient means of introducing elasticity into sectors where traditional fixed ownership presents barrier to profitability. Block2’s marketplace will allow companies, particularly SMEs, to optimise resources and make best use of the human capital available to them.

With that said, it remains to be seen what kind of reception Nightfall gets from the corporate world. However, it’s safe to say that it’s a much-required breath of fresh air which brings the best of both worlds: public and private blockchain.

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