One of the most under appreciated benefits of public blockchains in fintech context is that ledgering is solved. You don’t need to build or rent a ledger. There’s a single, shared source of truth. No reconciliation layers or shadow books. But this only holds if the blockchain is public. A lot of the privacy implementations I’m seeing basically recreate proprietary ledgers. Once you do that, you reintroduce the same dependencies and risks as traditional fintech, effectively ledger as a service all over again. Which leaves us with a real tension: open, shared ledgers vs. privacy. Both are foundational and need to be solved. And today, they seem to be at odds.