Ernst Young, one of the largest professional services firms in the world, will be hiring 2,000 employees in India in the next three years as part of its plan to build up its digital solution services in a number of domains including blockchain technology.
EY to Invest $1 Billion to Expand into Blockchain, AI
EY, which predicted in 2016 that large-scale implementation of blockchain technology would take at least three to five years, said in a report that companies who invest, experiment and adapt to DLT by that time will be able to reap the rewards of early adoption.
The digital services team in India will be assigned to develop blockchain projects for corporate and government customers. Other domains include analytics, automation, artificial intelligence, and tax technology, Ram Sarvepalli, EY India head of advisory services, told the Economic Times.
“There is significant capital available for new startups and big Indian companies are investing in digital,” Sarvepalli added. The government is heavily investing in digital from a citizen services perspective. Many of the traditional customer-oriented industries are trying to find models which allow access to customers to tier-two, tier-three towns from a digital perspective. There are regulatory changes like GST coming in and e-filing and automation of central and state govt departments … all of this is triggering a massive opportunity and the need for hiring digital talent.”
EY is adding about 600 employees every six months in analytics and has hired nearly 700 people in the last 18 months for digital governance jobs. Globally, the investment in new technology solutions will reach $1 billion over the next two financial years.
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The company already has more than 2,200 people working on digital and technology solutions in India, with 25 percent of recruits being from a Science Technology Engineering Maths (STEM) background.
Ernst & Young (EY), one of the ‘Big Four’ public service firms, was an early adopter of blockchain technology. It has recently announced the launch of its EY Ops Chain Public Edition (PE), which allows businesses to benefit from private transactions over a public blockchain. The solution uses the zero-knowledge proof (ZKP) framework, which brings unparalleled protection during communication.
With blockchain labs in London and Paris, the firm is also developing DLT-powered tracking capabilities called EY Blockchain Private Transaction Monitor. The Indian booming economy will be able to adopt these technologies under development as EY plans to place thousands of new workers in the field over the next three years.
A business that is also booming for EY is auditing services of crypto firms. The Big Four accountancy firms, which include EY, are hiring blockchain specialists to address the new demand.
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