Polygon has announced a partnership with EY, formerly known as Ernst & Young.
About EY and Polygon
EY operates in 150 countries helping its clients grow in a variety of sectors, such as insurance, legal and tax, strategy and so on.
The parent company, Ernst & Young Global Limited, is headquartered in London, while the group in total has over 300,000 employees worldwide, with a turnover of $40 billion.
Polygon is a platform for scaling Ethereum, whose main component is Polygon SDK, a modular framework that supports the creation and connection of sidechains, such as Optimistic Rollups, zkRollups, Validium. It also has its own native PoS-based blockchain, designed for fast and cheap transactions.
EY and the use of Polygon for fast and cheap transactions
EY wants to integrate the Polygon protocol and framework on Ethereum Scaling Solutions, to create and implement scalability solutions for the Ethereum network. EY will also launch its flagship blockchain products on Polygon, and co-develop new blockchains for enterprise use based on this protocol.
In this way, EY will deploy its blockchain solutions on Ethereum’s public ecosystem, without having to use high fee transactions.
The adoption of Polygon’s commit chain solutions allows EY to offer enterprise users higher transaction volumes with predictable and low settlement costs and times, while still being able to move transactions to Ethereum’s public mainnet.
EY has connected Polygon’s public, permissionless commit chain to its flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer. EY customers will now be able to connect their business operations to Polygon networks with a simple configuration change at blockchain.ey.com, where the test and development network can also be found.
In addition, private permissioned industrial sidechains will also be created, leveraging new models for managing transaction verification to increase efficiency and reduce transaction costs. These industrial sidechains offer enterprises a closed system aligned with Ethereum’s public mainnet.
EY Global Blockchain Leader Paul Brody said:
“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”.
Polygon co-founder Sandeep Nailwal added:
“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”.