 |
- Offers enterprise users increased transaction volumes with predictable costs
- Provides the option to move transactions onto the public Ethereum mainnet
- Connects Polygon public, permissionless commit chain into EY flagship blockchain services on blockchain.ey.com
LONDON, Sept. 14, 2021 /PRNewswire/ -- The EY organization today announced it is using the Polygon protocol and framework to deploy EY blockchain solutions on the public Ethereum blockchain ecosystem.
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.
1 The EY organization previously contributed a zero-knowledge proof layer 2 protocol into the public domain to help address increasing transaction costs on Ethereum blockchain (project named Nightfall 3)
Notes to Editors
About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Rosie Izzi
EY Global Media Relations
+1 419 309 0443
rosie.izzi@ey.com
