In its press release, The London-based Big-four firm states that the partnership allows them to offer “predictable costs and settlement times” to enterprise users with increased transaction volume and also have an option to move transactions onto the public Ethereum, the firm said.
Paul Brody, EY Global Blockchain Leader, says their “shared priorities around open system and networks and the Ethereum ecosystem would make collaboration in this area much easier.”:
“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.”
In addition, EY said the company is creating a private industry chain with Polygon, “leveraging new models for handling transaction verification to increase efficiency and reduce transaction costs” through an ‘optimistic rollup’ programme in the hope that to increase efficiency and reduces transaction costs.
Ethereum blockchain has long been undermined by congestions and the high cost of gas fees associated with transactions on its network. Last month, the upgrade of “EIP-1559”, indicating “London Hard Fork”, has contributed to a certain degree to fix this issue, but still need time to examine the results.
The company believes that “industry chains” would offer enterprises a closed system while maintaining a close alignment with the public Ethereum mainnet, making transitions to public networks faster and lower risk.
Ernst & Young is actively developing a crypto business. Last month, Its blockchain technology company has created non-fungible tokens arts pieces for the award-winning Italian film La Leggenda Di Kaspar Hauser.
Image source: EY