\ What is the actual constraint on private markets going on-chain at scale? It is not blockchain throughput. It is not custody. It is not regulatory clarity around stablecoins, which Japan, the EU, and now the United States have all addressed in the last eighteen months. The real bottleneck is older, less interesting, and considerably harder to fix: the data behind every private asset sits inside an unstructured document that no machine can independently verify line by line. \ Inven...