Ethereum’s Polygon Inks Two Deals to Bring DeFi, Decentralized Insurance & NFT to Enterprises
Polygon, a layer 2 solution for Ethereum, announced its entry into the enterprise level blockchain ecosystem in order to transform non-fungible tokens (NFTs), decentralized finance (DeFi) and decentralized insurance solutions a reality for big companies across the globe. In this regard, Polygon has inked two partnerships at the same time – one with Infosys Consulting, India headquartered Nasdaq listed firm, and another one with Trace Network.
The partnership with Trace Network intends to provide the latest advancements in the cryptocurrency environment utility cases by capitalizing Polygon’s scalable layer 2 framework. It also intends to resolve the main issue of blockchain’s dearth of connectivity so that enterprises can unfreeze all the capabilities of blockchain solutions in their own way.
“Partnering with Polygon, gives us perfect infrastructure as it’s compatible with Ethereum code base hence enable us to serve the global businesses efficiently whom we are aiming to help step up their technology stack powered by Trace network’s NFT based Defi protocol” said Lokesh Rao, co-founder and CEO, Trace Network.”
“Private blockchains are attractive for enterprises due to the degree of control they provide, but they lose most of the true benefits of blockchain by doing so,” said Sandeep Nailwal, COO and Co-Founder of Polygon. “Reconciling these issues requires a hybrid approach, where private blockchains are able to interface with public networks, where most of the activity lies. This is what Polygon was designed to do.”
Additionally, Polygon has begun conducting a PoC (proof-of-concept), referred by the name “M-Setu”. The solution has the ability to create a path breaking disruption in the industry valued over trillion-dollars. Being a hybrid blockchain, it intends to offer the advantages of both private and public blockchains. Insurechain, an app linked to M-Setu, is also anticipated to fundamentally ease the procedure of shifting activities between various providers.
Consequently, Polygon’s tech paves way for Insurechain to interact with the public blockchain domain and also access a compatible network of top speed blockchains and layer 2 solutions including Rollups and Plasma, which establishes an interoperable layer between insurers and guarantees the shift of activities across blockchain framework.
2/ 📤 InsureChain is the first application built on top of the M-Setu bridge that showcases the ease of porting an insurance policy from one provider to another.
— Polygon (previously Matic) (@0xPolygon) April 7, 2021
Through Twitter, Polygon also stated as follows :
“Over the next few weeks, we will announce more use-cases in insurance related to KYC/AML, claims settlement, reinsurance, fraud mitigation, and peer-to-peer insurance all on the blockchain, powered by M-Setu and Polygon-grade txns.”