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'Big Four' firm EY taps Polygon (MATIC) for Ethereum scaling solutions | CryptoSlate

cryptoslate.com 15 September 2021 04:00, UTC
Reading time: ~2 m

In a recent press release, EY announced integrating its blockchain products with Polygon (MATIC) protocol, an Ethereum-based full-stack scaling solution.

In the announcement, the multinational professional services network, formerly known as Ernst & Young Global Limited, said that the collaboration will help “prioritize enterprise-friendly features into the ecosystem.”

Catering enterprise clients 

“As more enterprises adopt blockchain technology, transaction volumes and costs on the main public Ethereum (ETH) 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,” read the announcement, clarifying why EY opted for integrating its blockchain products with Polygon.

EY, one of the world's largest accounting firms, announces integration with Polygon protocol and framework on Ethereum scaling solutions. https://t.co/99Hy4rafEa

— Wu Blockchain (@WuBlockchain) September 14, 2021

According to the official press release, the main Polygon systems network and the main Polygon test and development network both became directly accessible from blockchain.ey.com.

“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,” said Sandeep Nailwal, co-founder and COO at Polygon. 

Private industry chains

According to the announcement, both Polygon and the EY organization are working on common roadmaps, focused on “privacy technologies that enable sophisticated use cases and support regulatory compliance.”

In addition to integrating the main Polygon commit chain into blockchain.ey.com, the announcement also made public that the organization is working with Polygon to create private industry chains.

The intention is to “offer enterprises the comfort and security of a closed system but retain the close alignment with the public Ethereum mainnet.” 

Looking forward, these private industry chains would facilitate faster and lower risk transition to public networks.

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