During the Digital Asset Summit 2024 in London, the Polymesh Crypto Association unveiled Polymesh Private, an innovative addition to its POLYX crypto RWA (real-world assets) blockchain ecosystem. This groundbreaking development aims to address inherent weaknesses in existing general-purpose blockchains, particularly concerning security tokens and institutional finance.
Addressing Blockchain Weaknesses
Polymesh Private, designed to offer users greater control over their blockchain operations, seeks to rectify limitations observed in Ethereum and similar blockchains. By introducing features such as selective network access, confidentiality controls, and customizable token settings, Polymesh aims to enhance security and compliance in blockchain operations.
Targeting Institutional Finance
The launch of Polymesh Private at the Digital Asset Summit 2024 aligns with its focus on institutional finance, aiming to facilitate private internal fund tokenization akin to JP Morgan’s Onyx. With features catering to institutional needs, Polymesh Private introduces selective network access, confidentiality controls, and customizable token settings to accommodate various industry requirements.
Features of Polymesh Private
Key features of Polymesh Private include selective network access, confidentiality controls, validator node operation flexibility, customizable token and fee settings, and the ability to implement custom upgrades. Through advanced cryptographic techniques, Polymesh Private ensures data confidentiality while enabling compliance rule embedding and adaptability to changing legal standards.
Seamless Migration to Public Blockchain
An outstanding feature of Polymesh Private is its seamless migration path to the public Polymesh blockchain infrastructure. This feature ensures future-proofing for companies by enabling the offering of products on the public Polymesh blockchain while backed by assets on the institution’s private internal blockchain.
Future-Proof Solution for Financial Institutions
Graeme Moore, Head of Tokenization at the Polymesh Association, emphasized Polymesh Private’s significance as a future-proof solution for banks and financial institutions. Moore highlighted its unique feature of offering seamless public migration, positioning it as a preferred choice for institutions seeking compliance, security, and adaptability.
Simplified Workflows for Asset Management
Building on the success of the public Polymesh network, Polymesh Private promises simplified workflows for the token lifecycle, facilitating the integration of digital assets into existing systems. The Polymesh Association remains committed to fostering the growth of both Polymesh and Polymesh Private, signaling a new era for regulated asset management powered by blockchain technology.