Thursday, October 5, 2023

Polygon Launches Supply Chain Manager


For the Polygon network, Ernst & Young, one of the Big Four accountancy and consulting firms, has built a blockchain-based supply chain manager. Its goal is to remove bottlenecks in product tracing as they approach the market.

A Strategic Move

EY, one of the largest accounting companies in the world, has partnered with Polygon to launch OpsChain Supply Chain Manager on Nightfall, Polygon’s Layer 2 (L2) Ethereum blockchain.

Additionally, by combining product traceability and inventory management, the program attempts to minimize bottlenecks in supply chains. Organizations would establish tokens to reflect their assets and inventory. The OpsChain manager would then keep track of these tokens as they traveled through the supply chain.

Furthermore, Polygon and other scaling networks aim to relieve the strain on base-layer blockchains like Ethereum. To avoid congestion and transaction fees, transactions will process on a sidechain.

Blockchain Security Solutions

Polygon Nightfall, a zero-knowledge proof-based privacy system, the outcome of both entities’ work. It ensures that only certain individuals have access to the entire history of assets tracked.

Supply chain management has highlighted as a compelling use case for blockchain technology on numerous occasions. Despite this, corporations may have turned off by the lack of transaction privacy.

According to Antoni Martin, this is exactly the type of business use case they had in mind when they built and deployed the Polygon Nightfall network. Enterprise application cases outside of the financial services industry are currently scarce. For them, privacy tools open them a whole new universe.

The beta version of EY OpsChain Supply Chain Manager is now available. Since their relationship began in September last year, this is the first collaborative product from Ernst & Young and Ethereum scaling tool Polygon.

Polygon Supports Terra Luna

The previous week’s collapse of the Terra ecosystem sent shockwaves through the Bitcoin market. Moreover, the community contributes much to the neighborhood.

Ryan Wyatt, the Chief Executive Officer of Polygon Studios. On Twitter, he revealed that the company would help Terra projects migrate to the Polygon blockchain network.

Developing More Scaling Solutions

Polygon has consistently outpaced Ethereum. It’s still working on novel scaling strategies that could help both networks improve their transaction capacity. Polygon partnered with Simba Chain to lower the Web3 entry barrier for existing Web2 businesses on the Ethereum network.

Polygon announced on April 6 that it would establish a testnet for its own blockchain, with a focus on scalability. The Avail network will use modularity to achieve high scalability while still maintaining decentralization and security.

FLUID (FLD) also stated in April that Polygon would be its primary decentralized finance (DeFi) network. This enables it to provide cost-effective and lightning-fast transactions to its consumers.

With over 19,000 decentralized applications (dApps) running on the network, Polygon has passed a critical adoption milestone. Furthermore, according to Alchemy, the world’s biggest Web3 developer platform, there are now 6,000 dApps, up from 3,000 in October.

Louis Honsa
Louis Honsa
Louis Honsa is an independent writer for Cryptoconstellation. He is a data analyst and trades NFT’s too. Louis enjoys cycling and working out in his free time.

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