Tips and Tricks for Harnessing the Full Potential of Public Blockchains

 Real-world asset tokenization stole the spotlight in the years 2022- 23, and now it's more than just a buzzword. In today's time, everyone knows the potential it offers to represent capital with top-notch security. 

This movement indicates financial democratization, liquidity and transparency in private markets. But for the financial world to revolutionize itself, it requires glorifying public blockchains and moving beyond proof of concept private Blockchains. 

Why should you use Public Blockchain?

Going back to the ideal comparison between public and private blockchains, public blockchain have tremendously more opportunities to grow in today's time. Even though private blockchains enable faster and simpler tokenization, they still exist in a private and confidential ecosystem. The problem with this kind of ecosystem is that it creates pressure on the administration in terms of KYC perspective along with liquidity for secondary market tradings of the tokenization asset as it can only be traded within the private blockchain's ecosystem. 

When you implement a public blockchain, trading assets across multiple platforms becomes much simpler. This also turns out to be extremely beneficial for Investors as they can enter a centralized ecosystem and utilize multiple tokenized products that run on a Public Chain. With the introduction of secondary markets, there is no worry about liquidity and low prices. And to make things more profitable, liquidity can always get one up by integrating any exchange into it. 

Let's have a look at how Public Blockchain benefits Identity Management

As we all know, Blockchain is known for its transparency and security and with the introduction of a Public Blockchain, identity management has now gotten a lot better. 

Digital Identity is basically a set of data that recognizes a person in a digital environment. It is mandatory for accessing multiple services and products such as healthcare, social security, education, politics, etc. 

With the help of Public Blockchain, individuals can have complete control over their own digital identity, which can be stored and verified autonomously. 

Tracing resources

This is another crucial approach for guaranteeing the quality, safeness, sustainability and social commitment of products and supply chains.

Sadly, centralized tracing still 

bags a lot of problems like scarcity of data, opacity, and susceptibility of systems, which cause a threat to data with abuse. 

Do not fear because Blockchain is the answer to all these problems. Blockchain enables resource information to be stored and shared transparently, which cannot be altered or manipulated in any way. 

Here are some Tips and steps you need to need to follow while using Public Blockchain

If you're a developer or a tech-savvy person, there's a possibility that you already know these tricks.

 

Step 1 

Choose the Right Blockchain Platform

Step 2 

Understand Gas Fees

Step 3 

Use Off-Chain Solutions

Step 4

Smart Contract Optimization

Step 5

Follow Best Security Practices

Step 6

Stay Informed About Upgrades

Step 7

Diversify Nodes and Validators

Step 8

Optimize Data Storage

Step 9

Ensure Regulatory Compliance

Step 10

Regularly Back Up Data

Step 11

Use Layer 2 Solutions

Step 12

Engage with the Community

Step 13

Consider Token Standards

Step 14

Implement Governance Mechanisms

Step 15

Test Thoroughly

Ready to revolutionize your business with the transparency and security of Mobiloitte’s Public Blockchain Development services? 

Get in touch with Mobiloitte Public Blockchain Development services. We take care of all your blockchain needs whether it is Tokenization Services, Decentralized Application (DApp) Development, Wallet Development, Blockchain Integration Services, Smart Contract Auditing, Consensus Algorithm Development, Governance Mechanism Development and many more.