Big Four accounting firm Ernst & Young launches first blockchain project in partnership with Polygon
Ernst & Young has unveiled a blockchain-based supply chain manager built for the Polygon network and aimed at solving bottlenecks in product tracing as they go to market.
— Polygon – MATIC 💚 (@0xPolygon) May 16, 2022
Ernst & Young unveils supply chain manager on Polygon network
The EY OpsChain Supply Chain Manager, now in beta, is the first collaborative project between Ernst & Young and the Ethereum extender Polygon after they started their collaboration last September. The project aims to address bottlenecks along the supply chain combining product traceability with inventory management.
Organizations will generate tokens to represent assets and inventory, which an OpsChain manager will then track across the supply chain network. Scaling networks like Polygon are designed to offload base layer blockchains like Ethereum, processing transactions on a sidechain to reduce congestion and costs.
Polygon Nightfall, the network that combines the labors of two entities, provides zero-knowledge proof-based security technology that ensures that only selected parties can view the full history of assets are tracked. While supply chain management is often seen as a compelling use case for blockchain technology, businesses may have stopped adopting such tools because of the lack of privacy in transactions.
“This is exactly the kind of commercial use case we envisioned when we set out to build and deploy the Polygon Nightfall network,” Antoni Martin, enterprise lead for Polygon, said. “Enterprise use cases outside of financial services are still not widely developed. Privacy tools open a whole new world for us.”
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