Ernst & Young (EY), one of the ‘big four’ consultancy firms, will move its blockchain solutions from Ethereum (ETH) to Polygon (MATIC). That makes the company in a press release known.
Polygon is a scaling solution built on Ethereum. It makes transactions on Ethereum cheaper and faster. This is also one of the reasons EY is moving its blockchain solutions to Polygon:
“As more enterprises adopt blockchain technology, transaction volumes and costs on the major public Ethereum blockchain have increased. Leveraging Polygon’s commit chain solutions, the EY organization can provide business users with greater transaction volumes with predictable costs and settlement times and the ability to move transactions to the public Ethereum mainnet.”
Ethereum suffers from high transaction costs, partly as a result of increasing adoption. Also the non-fungible token (NFT) craziness contributes to straining the network. A number of projects, including Polygon, now offer scaling solutions that make transactions cheaper and faster.
EY has several blockchain solutions. Through the partnership with Polygon, EY OpsChain and EY Blockchain Analyzer will be moved to Polygon. The two also turn on private industry chains to work. EY Global Blockchain Leader Paul Brody says of the news:
“The partnership with Polygon provides EY teams with a powerful set of tools to scale transactions for customers and provides 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.”
EY uses the Ethereum blockchain to streamline purchasing processes of companies, among other things. The purchase of necessary items and raw materials usually takes place through so-called Enterprise Resource Planning (ERP) systems. A well-known name in this world is SAP, software that most companies use for these processes. However, there are disadvantages as many companies also use other software. This allows companies to arrange everything via a central platform.