This is a quote from the book "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto
...e noted that fan-out, where a transaction depends on several transactions, and those transactions depend on many more, is not a problem here. There is never the need to extract a complete standa lone copy of a transaction's history.

10. Privacy
The traditional banking model achieves a level of privacy by limiting access to information to the parties involv
ed and the trusted third party. The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another plac...
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