- Polygon PoS Chosen for Lower Costs: EY selected Polygon for its low transaction costs, ideal for enterprise applications.
- Shift to Public Blockchains: EY’s move signifies a shift in industry preference from private to public blockchains for enhanced security.
Ernst & Young (EY), a leading global professional services firm, has adopted the Polygon proof-of-stake (PoS) blockchain for its new contract management service, with plans to eventually transition to the Ethereum mainnet. This move is part of EY’s broader strategy to integrate advanced technology into its services, enhancing transparency and efficiency.
Deploying Blockchain for Contract Management
EY’s new service, named OpsChain Contract Manager, utilizes the Polygon PoS network to securely manage and store contracts on a public blockchain. This system not only boosts the security of digital contracts but also maintains privacy through sophisticated zero-knowledge circuits.
These circuits ensure that while transactions are transparent, sensitive information remains private, addressing common concerns about privacy in digital transactions.
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Why Polygon PoS?
The initial choice of the Polygon PoS network allows EY to benefit from lower transaction costs and enhanced scalability. This strategic decision supports the firm’s goal of testing and executing blockchain capabilities in a cost-effective environment, essential for enterprise-level applications that require reliable performance.
Paul Brody, head of EY’s blockchain section, explained that the lower costs associated with Polygon make it an ideal platform for industrial applications, despite the service being built on and compatible with Ethereum’s test network.
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The Shift to Public Blockchains
EY’s use of public blockchains like Ethereum and Polygon for enterprise applications marks a shift from the traditional preference for private blockchains, which were favored for their perceived security and privacy benefits.
However, the evolving confidence in public blockchains to meet enterprise needs highlights a major change in industry approach. Public blockchains offer the dual benefits of transparency and security without compromising the confidentiality of business operations, thanks to the integration of zero-knowledge proofs.
Future Prospects and Industry Implications
The introduction of OpsChain Contract Manager is poised to transform contract management practices. By automating and securing contracts on the blockchain, EY anticipates reductions in costs and enhancements in accuracy and speed of contract-related processes.
This blockchain-based solution is expected to set new standards in the industry, influencing how enterprises across various sectors manage contracts.
Furthermore, EY’s roadmap includes migrating the OpsChain Contract Manager to the Ethereum mainnet and later to a layer-3 solution, underscoring the firm’s commitment to remaining at the cutting edge of blockchain technology.
As these solutions become more entrenched in core business processes, they promise to foster more streamlined, transparent, and efficient operations across diverse industries.
The current price of Polygon (MATIC) is approximately $0.6733, showing a slight increase of 0.81%. Over the past month, MATIC has seen a decline of about 34.63%, highlighting a volatile period for the token.
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