If you compare traditional supply chain finance to an old pipe full of rust and leaks, then money is like a thick liquid struggling to flow through the rust, while business secrets of enterprises keep leaking through the gaps. Now that the RWA track has fully exploded, we finally see a brand new "fiber-optic level lining" being installed into this pipe—that is the value of the Dusk project.

As an observer who has long focused on privacy compliance, I believe that the true significance of Dusk in supply chain finance is not just about tokenization. It is a fundamental reshaping of the logic of privacy and trust.

Speaking of the core issues in supply chain finance, there is an inescapable vicious cycle I call the "privacy paradox": small and medium-sized enterprises want to get loans, but they must prove to financial institutions that their transaction background is genuine and reliable. The problem is, they are also extremely afraid that order details, supplier lists, or actual profit margins will be leaked. The traditional approach relies on endorsements from large enterprises to solve this, resulting in secondary and tertiary suppliers being completely shut out of financial services—that's what is called the "credit gap."

The innovation of Dusk first lies in its zero-knowledge proof virtual machine Piecrust. Imagine it as a "masked medical report"—suppliers can prove to banks that their financial status is healthy and order flows are real, without revealing their "medical records." In other words, the specific customer list and transaction prices are kept confidential from the bank. Trust can be established without exposing underlying data—that is the true need of supply chain finance.