Big-four consulting firm Ernst & Young (EY) has announced that its flagship blockchain solutions EY OpsChain and EY Blockchain Analyzer will be integrated with Polygon to allow transactions on the Ethereum blockchain via the sidechain.
According to an official press release on Monday, EY has connected the Polygon’s commit chain with EY’s blockchain services including EY OpsChain and EY Blockchain Analyzer for clients to connect their operations with Polygon’s systems network to allow increased transactions with predictable fees and settlement times.
Under the arrangement, EY also has the option to move transactions on top of the Ethereum mainnet.
Polygon’s commit chain is a blockchain scaling solution that has been modified by EY to create permissioned, private industry chains that make the best out of new models for handling transaction verification.
Sandeep Nailwal, Co-founder, Polygon, said:
"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."
The two firms are also collaborating to create permissioned, private industry chains in an effort to bring about new models of transaction verification to boost efficiency and cost-cutting. These chains will provide businesses with the security of a closed system compared to transactions on the Ethereum mainnet that will allow the future transition to public networks faster and less risky.
Paul Brody, EY Global Blockchain Leader, said:
“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. We discovered our shared priorities around open system and networks and the Ethereum ecosystem would make collaboration in this area much easier.”