RWA (Real Asset On-Chain) has been making a lot of noise recently, but many people haven't thought through a core issue: is this approach truly feasible?

Let me openly discuss three critical problems.

**First Challenge: How to On-Chain Business Secrets?**

Procurement orders, warehouse receipts, accounts receivable — these are all business secrets. You can't just put contract terms, trading partners, and amounts transparently on the public blockchain, right? That would mean publicly disclosing core commercial information.

This creates a bottleneck. Traditional RWA solutions often involve: data on-chain, but exposed transparently. As a result, no one dares to use them.

Dusk's Piecrust virtual machine takes a different approach — data is on-chain but encrypted. The data can be utilized and computed, but others cannot see the specific content. This satisfies the traceability requirement on the chain while protecting corporate trade secrets.

**Second Challenge: How Can Banks Lend with Confidence?**

Suppose you're a bank, and you have an accounts receivable to lend against. The other party says, "I have a contract worth 1 million, give me financing." How do you verify it's genuine?

If the data is encrypted, you can't see anything, so how do you perform risk control? It's a vicious cycle.

Dusk's solution is called "Auditable Privacy" — data remains encrypted, but you can verify it. Banks can confirm that an accounts receivable exists, the amount is real, and the trading partner is a compliant, licensed business. The key is: banks don't need to know whether this receivable is with Apple or a small factory. Verification and privacy are both maintained.

**Third Challenge: How to Enable Small Business Financing?**

Currently, in supply chains, only Tier 1 suppliers of leading companies can get loans. Why? Because banks trust the credit endorsement of the core enterprise. But Tier 2 and Tier 3 small factories, downstream plants, have broken credit chains and can't borrow a penny.

Where's the problem? Credit can't be transmitted without exposing business relationships. For example, the core company's reputation is excellent, but it doesn't want to publicly say, "I have a partnership with this small factory" — competitors can see the supplier list.

Dusk's Citadel protocol offers decentralized identity and privacy credit credentials. Imagine: the creditworthiness of the core enterprise can be layered like a watermark, passing down to downstream suppliers. Tier 2 and Tier 3 suppliers can use this credit credential to get financing from banks, while the details of the entire supply chain (who works with whom, specific transaction volumes) are protected.

**Why does Dusk have a chance?**

For RWA to truly explode, these three bottlenecks must be addressed: data privacy, verifiability, and credit transfer. These are not minor issues; they are the foundational infrastructure for the digital transformation of traditional finance.

Almost no competitors in the current space are taking this route because it is highly specialized and hardcore. It’s not a quick money game for trading tokens, but laying the trust infrastructure for the next-generation trade finance network.

Dusk's value is tied to this urgent need — the demand for compliant privacy-preserving computation is persistent and high-barrier. As long as RWA moves forward successfully, this infrastructure will become an essential necessity.