London-based consulting firm Ernst & Young (EY) and decentralized blockchain development team Polygon recently announced a joint project to develop and implement scaling and enterprise solutions on the public Ethereum blockchain. These deployments will include EY flagship blockchain services such as EY OpsChain and EY Blockchain Analyzer, as well as the planned joint endeavor Polygon Nightfall.
According to Paul Brody, EY Global Blockchain Leader, “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.”
EY has integrated the main Polygon commit chain into its flagship blockchain services, with clients able to connect their own business operations into Polygon’s main network—as well as their test and development networks—with a minor configuration change. By adopting Polygon’s commit chain solutions, EY provides clients utilizing blockchain technology with increased transaction volumes coupled with predictable costs and settlement times, with the additional option of moving transactions onto the public Ethereum network.
Additionally, the Polygon Nightfall joint project seeks to enable EY clients to conduct private transactions on the Ethereum mainnet in what is known as a Rollup. Rollups seek to perform transaction execution services outside of the main Ethereum chain, but ultimately post transaction data there. The end result is an avenue for transactions to be performed privately, securely, and rapidly without encountering the network congestion and variable transaction costs (known as “gas fees”) typical of processing transactions entirely on the Ethereum mainnet.
One of the co-Founders of Polygon, Sandeep Nailwal, 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.”
Both organizations are working on a common roadmap to prioritize the development of enterprise-friendly, scalable features that can support high-end cases coupled with regulatory compliance.