JPMorgan is betting big on blockchain, recently rebranding its Onyx blockchain unit as Kinexys in preparation for a push to bring the technology into mainstream financial services. However, in its white paper, the Wall Street giant acknowledges that "enhanced privacy measures are essential for broadening access to the KDA [Kinexys Digital Assets] platform and expanding its applications in the financial ecosystem". The paper concludes that while initial asset tokenisation efforts can progress without comprehensive privacy and integrated identity solutions, scaling institutional adoption requires both. On-chain cryptographic blockchain privacy solutions promise stronger guarantees and openness than traditional off-chain (segregation based) privacy approaches. But, while current implementations demonstrate on-chain privacy is achievable at modest scale, institutional adoption will require exploration across intensive computational requirements, fundamental infrastructure adaptations, network cost considerations and lack of standardised integration patterns. Meanwhile, says the paper, reusable digital identity promises operational transformation - however its implementation must be commercially viable i.e., it must align with established trust frameworks and create compelling participation incentives for adoption.