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The Layer 2 solution will also add Decentralized Insurance in partnership with Infosys
Beyond Bitcoin, the hottest assets in the crypto markets are those that feature a robust ecosystem that supports several other essential sectors in the industry, such as DeFi or NFTs.
The innovative Ethereum Layer 2 scaling solution Polygon – formerly Matic – is among the most popular and recently partnered with Trace Networks and Infosys Consulting to bring several revolutionary new features to the platform.
Here’s what these separate partnerships with Polygon are all about and how it would boost the adoption of the technologies.
Trace’s NFT based DeFi solution will boost enterprise adoption on Layer 2
Alongside Bitcoin, the other superstar of the crypto world has been Ethereum. However, high gas fees and a struggle to quickly address scalability have made Layer 2 solutions like Polygon even more important. These technologies address key issues plaguing Ethereum throughput and help work to drive inter-chain connections.
The partnership between Polygon and Trace Network will focus specifically on these inter-chain links to remove clunky blockchain data silos. Trace will begin to leverage Polygon’s highly scalable and efficient Layer 2 infrastructure, solving several current crucial blockchain challenges and enabling non-fungible tokens and DeFi capabilities.
Trace Network recently announced its intention to build on Polygon and harness its layer 2 & new substrate-based capabilities for building multi-chain liquidity aggregation and supply chain traceability.
Inter-chain links help any blockchain to unlock its full potential by playing to platform strengths and eliminating any critical weaknesses. Trace Network will help projects to access funding from traditional financial institutions thus applying a unique blend of DeFi with TradFi.
Unprecedented Traceability And More Enabled With Trace Network
Trace Network will enable the generation of NFTs of various products, creating a unique digital on-chain identity. The platform’s inter-link capabilities will enable the simple transfer of NFTs and ownership across multiple dApps.
When retail brands make the inevitable shift to NFTs for ownership of luxury items, Trace Network will be ready and waiting to bring unprecedented traceability, transparency, and visibility to business operations worldwide.
Customers of multiple world-renowned brands will get to enjoy the benefits of blockchain-based ownership, eliminate the fear of counterfeit goods, and much more – and it’s all thanks to Trace Network built on a faster and efficient Layer 2 network like Polygon.
To learn more about this groundbreaking technology, visit the Trace Network official site.
Infosys Consulting & Polygon Come Together With M-Setu
The other piece of the puzzle here is Infosys Consulting – a publicly-listed company that connects clients with disruptive technologies. Together with Polygon, Infosys has created M-setu – a hybrid blockchain that aims to make communication between insurance providers easier.
In the traditional insurance sector, there has long been a communication bottleneck that inhibits efficiency. M-setu is a proof of concept that features key benefits of both public and private blockchains. The hybrid blockchain also supports Insurechain – an innovative app that transfers data securely and instantly between insurance providers from anywhere at any time.
Insurechain also leverages cutting-edge solutions like Polygon’s Plasma and Rollups, serving as the inter-link between blockchains and insurance providers at scale.
