Ernst & Young (EY), a company known to be one of the ‘Big Four’ consulting multinationals, that offers accounting and business advisory services to its customers, just announced that it will be using the Polygon protocol and framework to deploy the company’s blockchain solutions on the public Ethereum blockchain ecosystem.
The publication reveals that EY has integrated its flagship blockchain services which include EY OpsChain and EY Blockchain Analyzer with the Polygon network.
“EY clients can connect their business operations into Polygon networks with just a simple configuration change on blockchain.ey.com. The main Polygon systems network and the main Polygon test and development network are now both directly accessible from blockchain.ey.com,” they said.
EY is making use of Polygon in order to mitigate against the high transaction fees (gas fees) and congestion associated with executing transactions on the Ethereum blockchain for its enterprise clients. The publication emphasized that its enterprise clients will have access to increased transaction throughput with predictable fees and settlement times using Polygon.
“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,” they stated.
Paul Brody, EY Global Blockchain Leader said of the partnership, “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 systems and networks and the Ethereum ecosystem would make collaboration in this area much easier.”
Sandeep Nailwal, a Co-founder at Polygon stated, “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.”
What You Should Know
There has been a surge in the demand for Ethereum scaling solutions due to the high gas fees associated with transacting on the Ethereum blockchain. Because of this, according to DeFi Llama, the Total Value Locked on the Polygon network currently stands at $4.66 billion as of the time of this writing. This is up over 1,400,000% Year-to-Date as the TVL started the year with $324,727.
Polygon is trading at $1.25, down 1.95% for the day, as of the time of this writing.