One of blockchain’s core features is transparency. Anyone can inspect on-chain transactions in real time, including who sent funds, to whom, in what amount, and at what time. Viewed from an institutional perspective, however, this transparency raises clear issues. Consider a scenario where the market can observe how much Nvidia transfers to Samsung Electronics, or precisely when a hedge fund deploys capital. Such visibility would fundamentally alter competitive dynamics. The level of information disclosure that individuals can tolerate differs from what corporations and financial institutions can accept. Transaction ... (full story)