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EY announces integration with Polygon protocol and framework on Ethereum scaling solutions
This is something we need to know as this is from our Big4 !
We know that EY has already been one of the adopter of blockchain technologies and it does have two of its very own blockchain solutions – Say Opschain and EY Blockchain Analyzer.
And these are enterprise blockchain applications which are directed for use by many corporates into their own operations.
Now EY is expanding those projects w.r.t scaling, reduced costs and settlement times etc. by using the Polygons commit chain scaling solutions
“The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches. 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.”
Additionally, this partnership (with Polygon) will offer permissioned, private optimistic rollup chains. Ergo, providing comfort and security of a closed system. It will also, however, retain the “close alignment with the public Ethereum mainnet that would make a future transition to public networks faster and lower risk.”
Will explain more on Commit chains very soon
Also do check my Previous post on Opschain to understand better !
As more enterprises adopt blockchain technology, transaction volumes and costs on the main public Ethereum blockchain have risen. Adopting Polygon’s commit chain solutions allows the EY organization to offer enterprise users increased transaction volumes with predictable costs and settlement times and the option to move transactions onto the public Ethereum mainnet.
EY has connected the Polygon public, permissionless commit chain into EY flagship blockchain services including EY OpsChain and EY Blockchain Analyzer. EY clients can connect their business operations into Polygon networks with just a simple configuration change on blockchain.ey.com. The main Polygon systems network and the main Polygon test and development network are now both directly accessible from blockchain.ey.com.
In addition to integrating the main Polygon commit chain into blockchain.ey.com, the EY organization is working with Polygon to create permissioned, private industry chains leveraging new models for handling transaction verification to increase efficiency and reduce transaction costs known as an optimistic rollup1. These industry chains would offer enterprises the comfort and security of a closed system but retain the close alignment with the public Ethereum mainnet that would make a future transition to public networks faster and lower risk.
Paul Brody, EY Global Blockchain Leader, says:
“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet. We discovered our shared priorities around open system and networks and the Ethereum ecosystem would make collaboration in this area much easier.”
Sandeep Nailwal, Co-founder, Polygon, says:
“The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches. 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.”
Both the EY organization and Polygon are working on common roadmaps that will help prioritize enterprise-friendly features into the ecosystem with a particular focus on privacy technologies that enable sophisticated use cases and support regulatory compliance.
Source of this Post – EY
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