Privacy and data security are becoming ever more important, not only in blockchain, but throughout the digital landscape. Moreover, before blockchain can move to a modular future, the industry needs to find ways to keep data secure and private across different domains. Homomorphic encryption (HE), or specifically Fully Homomorphic Encryption (FHE), is emerging as an answer, since it enables computing over encrypted data. Effectively, it has the potential to create a new paradigm of interoperability among entities by enabling data to be used across domains while mitigating (some) concerns related to privacy and data leaks. But as with all new technologies, HE still faces certain challenges that must be addressed before it can be widely implemented. This presentation will delve into the fundamentals and provide necessary context covering the basics of FHE schemes as well as the challenges to make FHE feasible in current systems. It will also compare different privacy solutions, explore practical use cases and give an overview of projects shaping the FHE space.