Inside the shift from crypto fear to enterprise adoption and why privacy is becoming the backbone of digital commerce

For years, privacy in crypto lived in the shadows, debated, misunderstood, and often avoided by institutions afraid of regulatory fallout.
That changed fast.

In this episode of The Privacy Podcast, host Ben Schiller sits down with Paul Brody, the founder of Nightfall Networks and former Global Blockchain Leader at EY and Chairman of the Ethereum Enterprise Alliance, to unpack a pivotal moment for the industry.

From the fallout of Tornado Cash sanctions to the quiet acceleration of enterprise adoption, Brody explains why privacy has moved from theory to execution and why businesses are no longer asking if they need it, but how fast they can implement it.

“We went from being terrified of going to prison… to full speed ahead.”

This conversation reframes privacy not as secrecy, but as a strategic requirement for operating in a transparent, data-driven world.

Why This Matters

The internet was built on visibility. Blockchain made that visibility permanent.

That’s a problem for businesses.

Without privacy, companies expose supply chains, payment flows, and competitive strategies in real time. And as analytics tools become more advanced, even “hidden” transactions aren’t truly hidden.

Brody makes it clear: institutional adoption of blockchain cannot happen without privacy. Full stop.

“Everything that works beautifully without privacy basically breaks under privacy.”

But this isn’t about going dark. It’s about creating a new balance, one where transactions remain verifiable, regulators maintain oversight, and companies protect what matters most.

The result? A future where privacy isn’t a feature. It’s the foundation.

What We Cover

• Why institutions went from “too risky” to “full speed ahead” on privacy
• The real difference between privacy and anonymity
• How blockchain transparency is breaking traditional business models
• Why analytics tools make basic “mixing” obsolete
• The role of zero-knowledge technology in enterprise adoption
• Why consumers don’t drive privacy adoption but institutions do
• The hidden cost of privacy and why it’s still worth it
• What “agentic commerce” means and why it depends on private infrastructure
• Why future digital assets won’t move in and out of privacy, they’ll live inside it

The Bottom Line

The narrative around privacy is changing. This isn’t about hiding. It’s about operating.

And as enterprises move in, they’re bringing a new standard with them, one where privacy is built in, not bolted on.
Because in a fully transparent world, the most valuable thing a business can have… is control over what it reveals.

🔗 About the 👤 Guest  

LinkedIn: Connect with Paul Brody on LinkedIn

Company / Work (EY Blockchain): https://blockchain.ey.com
 
Enterprise Ethereum Alliance (Chairman role): https://entethalliance.org

About the Show

The Privacy Podcast by Miden explores the intersection of privacy, identity, and emerging technologies. Hosted by Ben Schiller, the show brings together builders, regulators, and thinkers shaping what comes next in a world where data is power.

Executive Producer Michele Musso
Edited by the Musso Media Team 
Music:  licensed.
All rights reserved. ©2026 Musso Media