Ernst & Young Adopts Polygon PoS for OpsChain Contract Manager, Eyes Ethereum Mainnet Migration

• Ernst & Young launches the OpsChain Contract Manager utilizing Polygon PoS, aiming for enhanced contract management efficiency and cost-effectiveness.
• The crypto market shows diverse investment opportunities with varying levels of risk and potential return, with specific altcoins highlighted for significant potential gains.

Ernst & Young Global Limited, commonly known as EY, is a global leader in professional services and one of the largest professional networks worldwide. Dedicated to building a better working world, EY offers insights and services that create long-term value for clients, society, and the broader economic landscape.

As highlighted in a CNF YouTube video, Token Metrics has identified 14 altcoins with potential for up to 100-fold gains. Key prospects include emerging cryptos like LCX and Nexera, with stable growth expected from Kaspa, Chainlink, and Quant. Notably, Solana, XRP, and Dogecoin could see significant increases, with Solana poised for standout performance.

Launch of EY OpsChain Contract Manager

According to an EY press release dated April 17, 2024, EY has announced the launch of its EY OpsChain Contract Manager (OCM). This transformative, blockchain-enabled solution revolutionizes contract management, facilitating the execution of complex business agreements with enhanced confidentiality, improved time efficiency, and cost reduction. The system automatically enforces agreed terms, providing seamless integration and data synchronization across disparate business entities.

EY OCM debuted at the annual EY Global Blockchain Summit, addressing the perennial enterprise challenge of managing contracts spanning multiple operational and technological silos. It ensures uniform enforcement of key business terms, such as standardized pricing, volume discounts, rebates, and strike prices.

Strategic Advantages of Using Polygon PoS

The decision to implement the Polygon PoS for the OpsChain Contract Manager underscores EY’s commitment to operational excellence and cost efficiency in preparation for a future migration to the Ethereum mainnet and a forthcoming layer-3 solution. Polygon PoS was chosen for its low transaction costs and high scalability, making it an ideal platform for testing and executing blockchain capabilities in a cost-effective manner

. Paul Brody, head of EY’s blockchain division since 2016, stated that while the service was developed on Ethereum and is currently accessible on Ethereum’s test network, the use of Polygon PoS is a strategic move to minimize costs for enterprise-grade applications.

Further exploring blockchain’s potential, the recent CNF coverage highlighted how Polygon’s integration with SukuPay facilitates seamless, borderless financial transactions. This integration exemplifies the practical applications of blockchain technology in enhancing global financial inclusivity and efficiency.

At the time of writing, Polygon (MATIC) currently trades at $0.6838, experiencing a decrease of 1.59% in the past day and 22.37% in the past week. This fluctuation in price is illustrated in the chart provided below, reflecting the ongoing volatility and investor sentiment in the cryptocurrency market.