In Brief:
- EY is collaborating with Polygon to scale its enterprise blockchain
- The integration will reduce the transaction costs
- It will enable a future transition to public networks that are less risky and more efficient.
The EY (Ernst and Young) Global limited announced a collaboration with Polygon protocol and framework to provide the EY blockchain solution on the Ethereum blockchain ecosystem.
As part of this collaboration, EY and Polygon will work on Polygon Nightfall, a public, privacy-focused Rollup. EY will offer its other blockchain products on Polygon and jointly develop new Polygon-based blockchains for enterprise use.
Polygon Nightfall is privacy-focused Rollup that combines the major concepts of Optimistic Rollups with Zero-Knowledge (ZK) cryptography used in ZK-Rollups. So it creates a scalable and private hybrid of the two popular technologies.
As more firms are adopting Ethereum blockchain, transaction volume and costs on the mainnet is also rising. Using Polygon’s commit chain solutions, the EY organization will provide increased transaction volumes with predictable costs and settlement times, and also a facility to transfer transactions on the Ethereum mainnet.
EY has linked with the Polygon Public, which is the permissionless commit chain under the EY flagship blockchain services, EY OpsChain, and EY Blockchain Analyzer. Owing to this, users of EY can link their business operations and models into Polygon Network by doing just a simple configuration on blockchain.ey.com.
Moreover, The EY organization is closely working with Polygon to create privacy-focused enterprise chains as part of the polygon ecosystem. These “industry chains” will be built using Nightfall 3 and will offer enterprises the comfort and security of a closed system.
However, it will 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, quoted, “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.”
Polygon Co-founder had also released a statement on this news, saying “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.”
EY organization and Polygon, both are working on a single motive which is an introduction of new user-friendly features, particularly to ensure the security and privacy of enterprises on the blockchain.
Scaling solutions integrations are rising with the ability to lighten the network load from the major blockchains. Arbitrum, for example, has seen significant growth in the past weeks from $24.5 million in TVL at the start of this month to $2.2 billion on Monday.
