Polymesh Association unveils Polymesh Private, a private permissioned blockchain for financial institutions embarking on tokenization
The Polymesh Association has announced today at the Digital Asset Summit 2024 the launch of Polymesh Private: a new, complementary version of the public permissioned blockchain Polymesh, bringing enhanced confidentiality and control to its purpose-built infrastructure for regulated assets.
Polymesh Private will enable entities and organizations to run private instances of the Polymesh blockchain uniquely configurable per their business needs. Users concerned with public network visibility or publicly traded tokens can operate their own permissioned environment with control over:
- Who may use the network
- Who can view confidential information
- Who may operate validator nodes
- Whether to set network tokens and network fees
- What upgrades to implement
Cutting-edge cryptographic techniques maintain data confidentiality onchain and data is accessible only to permissioned parties. Embedded compliance rules are customizable to adapt to evolving legal frameworks, enabling users to fulfill regulatory requirements.
Polymesh Private is the first private blockchain on the market offering a gateway to public blockchain infrastructure, future-proofing companies for adaptation. Companies can integrate with and deploy the private permissioned network, and then easily migrate to the public network once ready.
Compatibility between the two environments will also enable Polymesh Private users to benefit from new features and bug fixes in the expanding public blockchain ecosystem.
"Our team built the first real world asset standard on Ethereum, ERC-1400, then the first public permissioned blockchain for RWAs, Polymesh, and now we're excited to offer the first private blockchain with seamless public migration," said Graeme Moore, Head of Tokenization at the Polymesh Association. "The vast majority of RWA tokenization by banks and large financial institutions is still taking place on private blockchains. Polymesh Private will meet these players where they are while providing a future-proof tech stack."
Polymesh Private benefits from the robust framework used by Polymesh, which offers simplified workflows for the token lifecycle to reduce the complexity and burdens of integrating digital assets into existing systems. The public network has been operating for over two years with zero security incidents as reported by 4 independent, third-party audits.
Polymesh Association
The Polymesh Association is a not-for-profit dedicated to the growth of the Polymesh ecosystem through Polymesh and Polymesh Private. Polymesh is a leading public permissioned blockchain purpose-built for real world assets that streamlines capital markets and opens the door to new financial products. Polymesh Private is a private permissioned instance of Polymesh that can be deployed by enterprises.
Visit polymesh.network to learn more.
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