EY, the data, and organization that works across assurance, consulting, law, and tax strategy, has announced an integration with Polygon protocol and framework to implement its blockchain solutions on the public Ethereum blockchain ecosystem.
“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 systems and networks and the Ethereum ecosystem would make collaboration in this area much easier,” Paul Brody, Global Blockchain Leader of EY said.
EY Thinks Polygon Integration Offers More Functions to Users
More companies are looking for ways to use blockchain technology. The growth of transaction volumes has led to a rise in costs on Ethereum, which leaves devs looking for better options.
By integrating Polygon’s commit chain, EY can provide increased transaction volumes with lower settlement times and predictable costs, as well as the option to move transactions on the public Ethereum mainnet for enterprise users.
The connection with the Polygon public, a permissionless commit chain into EY flagship blockchain services including EY Blockchain Analyzer and EY OpsChain.
These connections allow the organization’s clients to connect their business operations to Polygon networks by changing a simple configuration on blockchain.ey.com.
A Direct Connection
Both the main Polygon network and the main Polygon systems network are accessed from blockchain.ey.com directly.
In addition, the EY organization and Polygon are partnering for developing a private industry chain, which will take advantage of new models to handle transaction verification to increase efficiency and reduce transaction costs, called an optimistic rollup1.
According to EY, these chains would bring the comfort and security of a closed system but still closely link to the public Ethereum mainnet for enterprises, which would make public networks faster and lower risk.
Speaking on the integration with EY, Sandeep Nailwal, Co-founder of Polygon said EY is the unique organization in the space that committed the public Ethereum ecosystem, and opened standards which was a big driver in evolving shared approaches.
It helps EY bring the depth of technology to users.
As an official announcement, EY also told the media that the organization continues working with Polygon on strategy pipelines to bring enterprise-friendly features into the ecosystem, especially focusing on privacy technologies that not only for allowing sophisticated use cases but also for supporting regulatory compliance.
A Big Win for Polygon
Supported by data and technology, the EY team’s vision is to create long-term value for clients, people, and society and build trust in the capital markets.
Its workforce is present in over 150 countries across the world to help clients grow, transform and operate. Its teams are trying to find new answers for the complex issues that people are facing.
In August, the organization announced its technology to be used to help drive innovation and generate new revenue for the film industry.
An Italian start-up operating in the blockchain industry, CinTech, used EY blockchain solutions on blockchain.ey.com to develop Non-Fungible Tokens (NFTs) for the 22 main scenes in La Leggenda Di Kaspar Hauser movie, which is an award-winning Italian film.
“This project takes advantage of EY OpsChain to create non-fungible tokens on the Ethereum blockchain — a digital representation of each frame of the film. We are proud to support a new and innovative way of driving value for the film industry. It demonstrates the tremendous potential to leverage blockchain and truly exhibits how the technology can provide benefits across various sectors,” Giuseppe Perrone, EMEIA Blockchain Leader of EY said.
EY and CinTech have created a new vision for the entertainment industry aiming to help filmmakers reach new audiences and get more revenue.
The team supported the creation of the 62 NFTs from EY OpsChain, an EY blockchain-as-a-service available on blockchain.ey.com.