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The past few weeks have been interesting for blockchain platforms, many of them seeing greater adoption beyond just cryptocurrency development. This week, Polygon secured a monumental partnership with one of the “Big Four” accounting firms to improve transaction efficiency.
Moving On from Etheruem
In a press release, financial services giant Ernst & Young (EY) confirmed that it would integrate its flagship blockchains services into the Polygon suite. The announcement explained that this partnership would improve EY’s blockchain functionality, allowing enterprise clients to make better, cheaper transactions. The partnership will focus primarily on the EY OpsChain and EY Blockchain Analyzer. Both tools will be integrated into Polygon, offering EY’s clients increased transaction speed and more predictable fees. Both partners will also look to provide permissioned, private optimistic rollup chains - essentially, layer-two solutions that improve transaction speed and cost compared to the Ethereum mainnet. Ethereum’s transactions problems are well known. The Ethereum blockchain remains highly congested, thanks to increased activity in spaces like decentralized finance (DeFi) and non-fungible tokens (NFTs). This congestion issue has led to rising gas fees and concerns about scalability. Etheruem is looking to address these issues by migrating to a proof-of-stake (PoS) mechanism in its ETH 2.0 upgrade, but that will not come until 2022 at the earliest. With ETH 2.0 on the way, several blockchains have looked to step up in Ethereum’s palace. Polygon (MATIC) is just one of the many names, with blockchain like Fantom (FTM), Solana (SOL), and much more throwing their hats into the ring. The Cardano (ADA) blockchain also recently implemented smart contracts, putting it on the same pedestal as Ethereum (ETH) for developers. With so many competitors now looking to steal the spotlight, there is incredible pressure on the Ethereum blockchain to become more scalable when ETH 2.0 comes. If it is unable to, then Ethereum would lose even more market share than it already has.
EY’s Blockchain Exploits
EY has been doing a great deal of work to improve its blockchain infrastructure. The company is blazing the trail for financial services using blockchain technology, doing much more than the rest of its “Big Four” competitors for blockchain development. Earlier this year, the financial services giant invested $100 million into development and engineering for several blockchain product offerings. The company launched second-generation Smart Contract & Token Review tools through the Blockchain Analyzer suite as part of the move. These included a testing studio for simulated smart contract execution, which will help complex applications in the decentralized finance (DeFi) space. EY also pointed out that Italian beer company Peroni has been using its EY OpsChain Traceability - an Etheruem-based supply chain solution, to notarize company information. Peroni also plans to mint NFTs to identify and track data for patches of its beer.