Blockchain technology has transformed industries with its decentralized, immutable, and transparent nature. Yet, despite its promise, institutional adoption—particularly in finance—has lagged. The culprit? Privacy concerns. The very transparency that makes blockchain trustworthy also exposes sensitive data, a risk institutions like private equity firms and banks cannot take. Enter on-chain confidentiality, a game-changing solution powered by innovations like Fully Homomorphic Encryption (FHE). By securing sensitive data on public blockchains, on-chain confidentiality could be the key to unlocking widespread institutional adoption.