Ernst and Young (EY) is collaborating with Polygon to allow enterprise clients to run improved transactions on the Ethereum mainnet. The multinational professional services network made the announcement on Monday. The partnership with Polygon sees EY OpsChain, and EY Blockchain Analyzer integrate with Polygon, a Layer 2 Ethereum scaling solution. This offers enterprise clients increased transaction throughput at fair fees and fixed transaction times.
The EY-Polygon partnership also allows EY to offer private protocol processes for transactions at increased security and efficiency. An added advantage of this feature is that it helps enterprises align closely with Ethereum. This would result in faster and less-risky transitions to public networks going forward. In addition, it provides closed system security for businesses. EY Global Blockchain Leader, Paul Brody had this to say about 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.”
Users have complained in the past about Ethereum’s increasing transaction costs and times. The alleged slow nature of the blockchain drives up congestion which results in increased transaction costs. The Ethereum blockchain can facilitate just 30 transactions per second, and the London hard fork is battling with transaction costs. The highly-anticipated Ethereum upgrade will raise transaction speeds to 100,000 tps. However, that will not happen in its entirety until 2022.
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