Big Four firm EY is trialing a new blockchain platform that allows corporate buyers to book directly with American Airlines, according to a report from travel industry publication Skift. American Airlines on November 16 announced a partnership with Winding Tree, an Ethereum-based decentralized travel marketplace launched in that has the potential to cut out travel agency and global distribution system middlemen. Travel agents get their flight data from global distribution systems such as Amadeus and Sabre, which have real-time inventory technology. EY will test drive the platform with American, anonymous sources told Skift. The proof of concept will focus on leisure bookings, but the consultancy may eventually eye an extension to business travel in small markets. Consultants are among the largest consumers of business travel flights.
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- EY tips crypto economy to hit $68b, create 200K jobs
- Ernst and Young (EY)
- EY teams with Microsoft, Maersk to use blockchain for marine insurance
- CBA and EY pilot blockchain-backed, shared smart asset platform
- EY and Microsoft launch blockchain solution for entertainment industry
- Vienna teams up with EY for government digitisation and blockchain plans
- EY Launches Open Source Initiative Baseline Protocol For Public Ethereum Blockchain
- Blockchain can meet sector’s challenges, say EY
EY tips crypto economy to hit $68b, create 200K jobs
Big Four firm EY is trialing a new blockchain platform that allows corporate buyers to book directly with American Airlines, according to a report from travel industry publication Skift. American Airlines on November 16 announced a partnership with Winding Tree, an Ethereum-based decentralized travel marketplace launched in that has the potential to cut out travel agency and global distribution system middlemen.
Travel agents get their flight data from global distribution systems such as Amadeus and Sabre, which have real-time inventory technology. EY will test drive the platform with American, anonymous sources told Skift. The proof of concept will focus on leisure bookings, but the consultancy may eventually eye an extension to business travel in small markets.
Consultants are among the largest consumers of business travel flights. The "new normal" means less business travel, but where the level stabilizes remains to be seen. In such a bleak scenario, airlines need to optimize their operations as much as possible. Winding Tree says its blockchain platform would make travel cheaper for consumers and more profitable for suppliers. Part of Consultancy. Campus events Seminars Business Courses Workshops.
Consulting Industry. Subscribe to our newsletter. Aviation news Aviation consulting firms Aviation consulting services. Oliver Wyman forecasts full recovery for domestic air travel by early US domestic air travel is expected to make a full recovery by early , according to a recent report from consulting firm Oliver Wyman. Blockchain news More Blockchain. EY and Microsoft's Xbox division expand blockchain royalties platform Consulting firm EY and Microsoft have announced the expansion of an Azure-powered, blockchain platform for gaming rights and royalty management.
Blockchain adoption is accelerating across the globe, says Deloitte Attitudes towards blockchain technology are growing increasingly positive across the globe, according to new Deloitte analysis. Blockchain consultancy Coinstreet Partners makes two senior appointments Decentralized investment banking group and digital asset consultancy Coinstreet Partners has announed that Samuel Reid with join the firm as group chief technology officer CTO , while Pietro Doran w 14 January Partnerships news More Partnerships.
AlixPartners adds Palantir's Foundry platform to its offerings Management consulting firm AlixPartners has entered a strategic partnership with Palantir, a leading provider of Big Data analytics software, to help corporate clients implement the Palantir Foundry 10 November EY news EY news. Chris Smyth appointed as EY Americas private equity leader Chris Smyth has been named leader of the private equity segment in the Americas region.
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Ernst and Young (EY)
Select your location Close country language switcher. Blockchain is digitalizing and integrating supply chains by connecting business operations and finance at the ecosystem level. The technology has the potential to change the dynamics of system integrations not only for businesses, but for governments and academia as well. Instead of suppliers having to integrate to customized systems in large enterprises and organizations, they can instead interact with standardized apps and tokens on the public blockchain network, protected by privacy technology. EY blockchain solutions support the complete business lifecycle from contracting, ordering, fulfilling, invoicing, to payments — from doing business on a blockchain to getting insight into what happened on the blockchain. EY teams also know how to manage the tax and audit requirements for blockchain-based transactions, so companies can handle the regulatory and tax complexities of an emerging ecosystem.
EY teams with Microsoft, Maersk to use blockchain for marine insurance
As announced by the firm, the decision to increase investments is due to the rise in demand for blockchain-based products. The funds will be used to fund blockchain and crypto-asset research, engineering, and services. For about 5 years now, EY has had its hands full with its engagements in blockchain technology. In that time span, the company has built several unique products including the EY OpsChain Traceability , an infrastructure that helps enhance the global supply chain. The firm is now aiming to dive deeper into the growing decentralized finance DeFi ecosystem, through the creation of new products, improve user experience and increase market adoption. Among the proposed products that will be introduced is the DeFi smart contract testing service through the EY Blockchain Analyzer suite of tools. The company said it will build on this platform, first unveiled back in , and has so far supported over ERC compatible smart contracts. EY, in its ongoing effort to carve a niche for itself in the blockchain space, has onboarded Birra Peroni, the Italian beer company part of Asahi Group, the first industrial client to utilize the EY OpsChain Traceability platform.
CBA and EY pilot blockchain-backed, shared smart asset platform
It is difficult not to come away from a Paul Brody dissertation on blockchain more excited and optimistic about the transformative power of the technology than when you went in. Highlights from his highly engaging minute opening discussion at EY Global Blockchain Summit At the core of this debate rests two issues: the speed of innovation, and the level of security and trust that can be ensured. Innovation, EY argues, happens faster on public networks even if that innovation ameliorates what bad actors inject into the network. In theory at least, even bad actors have a role to play in accelerating innovation by essentially forcing the issues and speeding the time to resolution.
EY and Microsoft launch blockchain solution for entertainment industry
As a dense system of bespoke transactions, the world of royalties is ripe for disruption by blockchain technology. Smart contracts — the automated triggering of transactions based on predetermined parameters — stand to cut through the noise and simplify the collection and payment process from start to finish. With the aim of better managing millions of unique agreements between parties, Microsoft and management consultancy giant EY have today launched a blockchain solution for settling and tracking royalty payments. Aside from gaming, the music, software, and publishing industries are full of complex agreements. Intellectual property and other assets are licensed out; creators are paid royalties depending on the terms of those agreements. Within this web of agreements and third parties, millions of transactions add up to billions of dollars in royalties due every month.
Vienna teams up with EY for government digitisation and blockchain plans
The main Polygon systems network and the main Polygon test and development network are now both directly accessible from blockchain. EY is making use of Polygon in order to mitigate against the high transaction fees gas fees and congestion associated with executing transactions on the Ethereum blockchain for its enterprise clients. The publication emphasized that its enterprise clients will have access to increased transaction throughput with predictable fees and settlement times using Polygon. We discovered our shared priorities around open systems and networks and the Ethereum ecosystem would make collaboration in this area much easier. No other organization has made the same scale of commitment to the ecosystem and to open systems or brings the depth of technology that the EY organization has in this space. There has been a surge in the demand for Ethereum scaling solutions due to the high gas fees associated with transacting on the Ethereum blockchain. For further inquiries about this article, contact: Email: Ajibola. Your email address will not be published.
EY Launches Open Source Initiative Baseline Protocol For Public Ethereum Blockchain
Podcast: Play in new window Download We will be discussing the complete story of Insurwave, from Proof of Concept to launch. A blockchain is a series of blocks of continuous records, where a previous block is effectively a cryptographic copy of the information from the preceding block.
Blockchain can meet sector’s challenges, say EYRELATED VIDEO: Blockchain and the future of audit
Wien — an independent and not-for-profit initiative of the city in collaboration with several committed ICT companies based in Vienna. The organisation aims to create a tech heart in the central European city, drawing talent into ICT jobs and building a stronger Viennese economy. The city is using blockchain to simplify and automate administrative processes, especially for OGD in areas such as energy reports and valid business registrations, which must be updated frequently. The public blockchain networks are also expected to improve the data security of the information. The project itself went online in December and is one of the first of its kind to be launched in Europe.
EY, together with government and industry representatives, have created a far-reaching blockchain solution to address challenges in the cross-border withholding tax process. Currently, there are some inefficiencies and complexities with the international withholding tax process in relation to dividend distributions. The goal for TaxGrid is to address these and improve tax compliance to nearly real-time, benefiting investors, financial institutions and tax authorities alike. TaxGrid is also designed to help financial intermediaries coordinate the timely exchange of investor information across a network to meet contractual obligations and, potentially, regulatory requirements, while protecting confidential investor information. The solution uses blockchain technology to automate, decentralize and share tax and financial information more securely between financial intermediaries and tax authorities by creating a kind of shared record book of all dividend transactions, to help with taxation of dividend income at the source.
The blockchain platform connects clients, brokers, insurers and third parties to distributed common ledgers that capture data about identities, risk and exposures and integrates this information with insurance contracts. What we have done is to move from potential to reality. We look forward to deploying this technology across the insurance industry and are exploring how these findings will be applied to other specialty insurance markets and wider market initiatives later. The blockchain platform is well-suited to the marine insurance providing solutions to a sector with a complex international ecosystem involving multiple parties, long paper chains and duplication, high transaction volumes and significant levels of reconciliation — all potentially preventing transparency, compliance and accurate exposure management.