EY supports startup with blockchain-driven marketplace

25 November 2019 Consultancy.com.au 3 min. read
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Sydney-based peer-to-peer human capital firm Block2 has brought EY on board to help develop a new blockchain solution. 2Mota is expected to be Block2’s new peer-to-peer marketplace, designed to support small and medium enterprises (SME) with their supply chain and resource management.

Block2 is a startup born in the sharing economy paradigm. For SMEs that often find themselves in a resource crunch, Block2 offers a sharing mechanism for one of the most valuable contemporary resources – human capital. Both full-time and part-time staff can be shared and managed using Block2’s infrastructure.

Typical of most modern systems that require multiple, cross-channel stakeholder participation, Block2’s designs are housed on blockchain. Big Four accounting and advisory firm EY is set to use its blockchain expertise to help develop 2Mota, a solution with a wide range of applications.

Two defining features of 2Mota are that it allows for the introduction and management of new customers while simultaneously enabling resource optimisation in a variety of domains, including employees, equipment and workspaces.

EY to support startup with blockchain-driven marketplace

The SME sector, which comprises a crucial part of Australia’s economy, is increasingly embracing innovative digital avenues to navigate present day challenges. 2Mota not only allows SMEs to share resources, but also has broader implications for resource optimisation and sustainability. The solution is being developed for the automotive sector, with expectations of being applied to other sectors in the long run. 

“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,” commented Eden Spencer, founder and chief executive of Block2.

EY Global Blockchain Leader Paul Brody added. “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.”

EY’s digital team in Australia is well-established, and growing. Over the last year, the firm’s practice has bolstered its digital knowhow through two major digital acquisitions, starting with the Adelphi Digital Consulting Group in November last year, followed by PlautIT earlier this year.