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Polygon Adds NFTs, DeFi, and Insurance to its Network

CryptocurrencyApr 08, 2021 04:30AM ET
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Polygon Adds NFTs, DeFi, and Insurance to its Network

  • Polygon is working with Trace Network and Infosys (NYSE:INFY) Consulting to expand.
  • The network now includes NFTs, DeFi, and decentralized insurance.

Polygon (Matic) Network has expanded its ecosystem to include NFTs, DeFi, and decentralized insurance. The new additions are set to take the enterprise blockchain to the next level.

To this end, Polygon has partnered with Trace Network and Infosys Consulting. On one hand, Trace Network aims to build inter-chain links and remove blockchain data silos. On the other hand, Infosys Consulting is a publicly-listed company that helps its clients leverage disruptive technologies.

First, to attain non-fungible tokenS (NFTs) and decentralized finance (DeFi) capabilities, Trace will leverage Polygon’s innovative, scalable, and efficient Layer 2 infrastructure. The union mainly aims to solve some of the current blockchain problems.

In fact, by creating inter-chain links the venture will help blockchains to unlock their potential as they leverage each other’s strengths to eliminate weaknesses. Also, Trace has the added benefit of helping projects access funding from traditional financial institutions.

In line with traditional financing, the insurance sector has long suffered from a communication bottleneck that inhibits efficiency. Polygon and Infosys have created M-setu, a hybrid blockchain that aims to make communication between insurance providers easier.

M-setu is a proof of concept that bears the benefits of both public and private blockchains. In addition, the hybrid blockchain supports Insurechain, an app that facilitates secure data transfers between insurance providers. By using Polygon’s solutions like Plasma and Rollups, Insurechain can communicate with blockchains, thus serving as a link between insurance providers.

Notably, Polygon is an innovative Ethereum Layer 2 scaling solution that aims to partner with other Layer 2 solutions to help Ethereum overcome its scaling problems. To this end, Polygon is driving inter-chain connections and working towards building Ethereum secured chains.

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Polygon Adds NFTs, DeFi, and Insurance to its Network

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