Ernst & Young, an auditing and consulting firm, has published a report on blockchain technology that explores the upcoming potential of the distributed ledger technology.

The report titled ‘Blockchain reaction: Tech plans for critical mass’ reviews blockchain technology to streamline and accelerate the business processes and looks into early use-cases for blockchain. The report glances at few topics including blockchain’s revolutionary potential, disruptive range, new models and markets among others. It also explores on pressing concerns like blockchain’s scalability, cybersecurity and lack of authority to name few.

“To date, blockchain has transformed only people’s thinking. We don’t yet even know all the questions blockchain technology will raise, much less the answers. But waiting for the technology to take hold is too late. Now is the time to start defining the questions and influencing policy that will lead to answers,” Channing Flynn, EY Global Technology Sector Leader of tax services stated in the report.

E&Y report concluded, anticipating that the critical mass would occur within 3 to 5 years in the financial service sector which will be followed quickly by other industries. Eliminating the theft of digital rights, enforcement of government tax, embedded health, industrial Internet of Things are few other blockchain scenarios that were proposed by the report.

“Blockchain is profound for business because it enables trust among entities that have no other basis for trust. While it may impact financial services first and most visibly, ultimately it’s going to impact all industries,” David Jensen, disruptive innovation leader of EY Americas Advisory said.

Last week, Ernst & Young (EY) Startup Challenge, a six-week mentorship program attracting talents in emerging technology, announced that it is returning with a focus on building blockchain solutions for two important industry challenges, energy trading, and digital rights management.

Ernst & Young is a multinational professional services firm headquartered in London. It provides assurance (including financial audit), tax, consulting and advisory services to companies. The organization operates as a network of member firms which are separate legal entities in individual countries.