Imagine institutions embracing a blockchain that is fully open and transparent, visible to everyone — this idea is perhaps overly optimistic. In reality, institutions never compromise on privacy, compliance, and internal process protections. To truly bring finance onto the chain, technical transparency alone is far from enough. Privacy layers, access control, compliance frameworks — these are the essential needs for institutional-grade applications. For blockchain to enter the institutional world, it must first learn to find a balance between "decentralization" and "real-world constraints." Otherwise, it's just a pipe dream.