Friday, April 12, 2024

EY to Use Polygon Protocol and Framework to Deploy Blockchain Solutions on Ethereum

On 13 September 2021, EY announced its plan to use the protocol and framework of the Polygon Network to deploy blockchain-based solutions on Ethereum. According to news reports, the costs and transaction volume on the blockchain ecosystem of Ethereum have risen exponentially as more and more firms are adopting blockchain technology. With the adoption of the commit chain solution of Polygon, EY would be able to offer enterprises more predictable costs. Besides this, they would also get increased transaction volumes, quicker settlement time, and the option of moving the transactions on the mainnet of Ethereum.

The permissionless and public commit chain of Polygon Network has been connected with the state-of-the-art blockchain services of EY. These consist of EY Blockchain Analyzer and EY OpsChain, among others. The clients of Ernst & Young will be able to connect their business operations with the Polygon Network with the help of a simple change of configuration on the page blockchain.ey.com. This page will allow access to both the main Polygon test and development network and the Polygon systems network.

Besides this, Ernst & Young is also collaborating with Polygon on private, permissioned industry chains by using new models that will handle the transaction verification process. This will not only increase efficiency but also reduce the cost of transaction which is known as the optimistic rollup. With the help of these industry chains, enterprises would be offered the security and comfort of a closed system while retaining a close alignment with the public mainnet of Ethereum. This would make for a low-risk and faster transition to public networks in the future.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular