How can privacy black technology be implemented on-chain? There's an interesting idea: using homomorphic encryption to perform the entire data computation process in an encrypted state, so external parties cannot see the business details, but a complete audit log is still maintained for the regulatory authorities to review. In this way, sensitive assets like private equity and real estate can be confidently put on the chain—meeting privacy requirements without crossing compliance red lines. This approach demonstrates how financial-grade privacy protection and regulatory transparency can be achieved simultaneously, and is a direction that can indeed be referenced when bringing Web3 assets on-chain.