Riding the trend of collaboration for innovation led growth, Polygon (Matic) Network – a blockchain scalability platform – has partnered with Trace Network and Infosys Consulting to expand its ecosystem and include non-fungible tokens (NFTs), decentralised finance (DeFi) and decentralised insurance.
According to Polygon, the new additions in its ecosystem are set to take the enterprise blockchain to the next level.
One of the partners – Trace Network – is a company that aims at building inter-chain links and removing blockchain data silos, while Infosys Consulting is a publicly listed company that helps its clients leverage disruptive technologies.
Polygon will help Trace Network to attain NFTs and DeFi capabilities by leveraging its innovative, scalable, and efficient Layer 2 infrastructure.
By creating inter-chain links, Trace Network will help blockchains to unlock their potential as they leverage each other’s strengths to eliminate weaknesses.
Apart from this, Trace has another benefit of assisting businesses to access funding from decentralised finance industry. It’s worth mentioning here that the traditional insurance sector has suffered from a communication bottleneck for a long time that inhibits efficiency, which is why Trace’s collaboration with Polygon becomes even more significant.
Not just Polygon, Trace Network is eyeing to tap opportunities to collaborate with global brands as well for its blockchain solutions in sectors such as fashion, IT and manufacturing to make businesses sustainable by enabling core components like transparency, trust and efficiency in order to achieve complete digital transformation.
On the other hand, Polygon has created M-setu in collaboration with Infosys, which is touted as a hybrid blockchain that aims to make communication between insurance providers easier.
M-setu is proof of a concept that contains the benefits of both public and private blockchains. Additionally, the hybrid blockchain supports Insurechain – an app that facilitates secure data transfers between insurance providers.
By using Plasma and Rollups – Polygon’s solutions – Insure chain can communicate with blockchains and can serve as a link between insurance providers.