Polymesh Crypto Association Unveils RWA Polymesh Private Blockchain at Digital Asset Summit 2024

(POLYXUSD)

Polymesh Crypto Launches Private Blockchain For Asset Tokenization

Polymesh Private is designed for users seeking more control over their blockchain operations, according to their whitepaper, Polymesh and Polymesh Private address and rectify the inherent weaknesses found in Ethereum and similar general-purpose blockchains that have long hindered the widespread adoption of security tokens across various industries and institutions.

The launch of the new private blockchain at DAS 2024 hints at the intention behind the launch, with DAS playing host to some of Europe’s biggest institutional finance entities, Polymesh private takes aim at private internal fund tokenization for institutional finance – similarly to JP Morgan’s Onyx.

Key features of this new private Polyx blockchain include:

• Selective Network Access: Users can decide who may use the network.
• Confidentiality: Controls are in place to determine who can view sensitive information.
• Validator Node Operation: Organizations can choose operators for validator nodes.
• Flexible Token and Fee Settings: The platform allows for customizing network tokens and fees.
• Custom Upgrades: Users can implement upgrades as per their requirements.

Utilizing advanced cryptographic techniques, Polymesh Private ensures data confidentiality, with access limited to permissioned parties – additionally, the private blockchain enables users to embed compliance rules within the platform and is customizable to keep pace with changing legal standards.

A standout feature of Polymesh Private is its ability to provide a seamless migration path to Polymesh’s public blockchain infrastructure – enabling the future offering of products on the Polymesh public blockchain – backed by assets on the institution’s private internal blockchain.

This ensures future-proofing for companies looking to adapt and evolve, moreover, compatibility between Polymesh Private and the public Polymesh ecosystem means users can enjoy new features and updates, maintaining technological relevance.

Graeme Moore, Head of Tokenization at the not-for-profit Polymesh Association, says this positions it as a future-proof solution for banks and financial institutions currently leveraging private blockchains for real-world asset tokenization.

“Polymesh Private is the first private blockchain that offers seamless public migration,” said Moore.

The Bottom Line: What’s Next for Polymesh?

Building on the success and security of the public Polymesh network, Polymesh Private promises simplified workflows for the token lifecycle, easing the integration of digital assets into existing systems.

The Polymesh Association has committed to fostering the growth of both Polymesh and Polymesh Private, aiming to offer enhanced privacy, control, and adaptability for regulated asset management.

They signal a new era for entities looking to harness the power of blockchain while ensuring compliance and data security.