One of the largest accounting and auditing companies Ernst & Young announced the integration of its products blockchain with the protocol Polygon (MATIC)which base is Ethereum. Thanks to this action, it will be possible to reduce transaction fees in the main ETH network.
Cooperation between Ernst & Young and Polygon
According to the official announcement issued by Ernst & Young, the company's blockchain products have been integrated with the Polygon (MATIC) protocol. This means that the Polygon network of systems and the main Polygon test and development network are available on the website blockchain.ey.com.
Thanks to this, the functionality of the ecosystem will become more friendly to entrepreneurs. In a statement, the company indicated that due to the increasing scope of the use of blockchain technology, transaction volumes and costs related to Ethereum are growing.
Thanks to the integration with the Polygon protocol, Ernst & Young will be able to offer its clients increased transaction volumes with estimated costs and settlement times. Additionally, the transaction can be transferred to the public Ethereum network.
Ernst & Young's contribution to the development of ecosystems and open systems
Polygon and Ernst & Young are currently working on a joint operating strategy, which is planned to focus on privacy technologies that provide completely new applications and at the same time are fully compliant with regulations.
Sandeep Nailwal, co-founder of Polygon, emphasizes that Ernst & Young's commitment to the Ethereum public ecosystem and to open standards is of utmost importance in developing a joint action plan. He added that never before has any other organization contributed as much to the development of ecosystems and open systems as Ernst & Young.
In addition to integrating the main Polygon commitment chain with Ernst & Young's blockchain tools, the two organizations are developing a plan to create private industry chains. They are intended to provide companies with greater comfort and security of a closed ecosystem, while maintaining full compliance with the public Ethereum network. The cooperation between the two companies may not only improve the process of transition to public networks in the future, but also make it less risky.