I realized rather late that privacy in RWA isn’t just a matter of hiding data. It seems the market is focused on tokenization, while the greater friction may actually lie in confidentiality.

It appears that many designs treat transparency as a default good. Sounds convincing, but not every organization wants to put transaction data or partner identities on a public layer. The issue isn’t a lack of transparency in the blockchain, but that excessive transparency can change behavior.

From that perspective, Dusk Network caught my attention. What’s interesting isn’t privacy as a feature, but privacy embedded into system design as an abstraction layer between compliance and security.

However, that’s only true when privacy produces sufficiently trustworthy signals for compliance. If you hide too much, the signal can become noise.
I still have doubts about incentives and adoption. I’m gradually realizing that any advantage, if there is one, doesn’t come from being “more private,” but from reducing friction without breaking trust. The question is: how far does the market need this balancing layer?
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