Ernst & Young, a large consulting company, uses the Polygon Layer 2 protocol and network structure to deploy its own solutions on the Ethereum blockchain.
According to the press release, Ernst & Young (EY) will implement second layer network solutions for Ethereum Polygon, which will allow the company to increase transaction volumes, providing “predictable costs” and settlement for corporate clients. EY will also be able to move transactions to the public Ethereum network.
Polygon’s solution will be modified by EY to create managed private industry chains that take advantage of new transaction validation models. Polygon co-founder Sandeep Nailwal said:
“EY’s commitment to the open source Ethereum ecosystem and open standards has been a huge impetus for the development of collaborative approaches to the use of technology.”
EY said the use of Polygon will increase efficiency and lower transaction costs through its Optimistic Rollup solution. The new “industry chains” will provide enterprises with the security of a closed system while maintaining a close connection to the public Ethereum backbone.
“Polygon provides EY with a powerful set of tools to scale transactions and offers a faster way to integrate into the public Ethereum network,” said Paul Brody, Head of Blockchain at EY. “We have identified common priorities for open systems and networks, and the Ethereum ecosystem will greatly facilitate collaboration in this area.”
EY recently completed development of a blockchain tax solution that should make life easier for citizens of various countries who earn income abroad. In addition, in July, the company launched the Nightfall 3 toolkit to reduce fees on the Ethereum blockchain, combining Zero Knowledge Proofs (ZKP) and Optimistic Rollup.