Blockchain: Trust economy

​Do your customers trust you? And do you trust them? The emerging trust economy depends on each transacting party’s reputation and digital identity—and that’s where blockchain comes in. The technology behind digital contracts transforms reputation into a useful, manageable attribute.

Blockchain is outgrowing its adolescent cryptocurrency identity, with distributed consensus ledgers becoming smart contracts facilitators. Beyond creating efficiencies by removing the legal and financial intermediary in a contractual agreement, blockchain is assuming the role of trusted gatekeeper and purveyor of transparency. In the emerging “trust economy” in which a company’s assets or an individual’s online identity and reputation are becoming both increasingly valuable and vulnerable, this latest use case may be blockchain’s most potentially valuable to date.

Blockchain, the shared-ledger technology that only a few years ago seemed indelibly linked in the public imagination to cryptocurrencies such as Bitcoin, is assuming a new role: gatekeeper in the emerging “trust economy.”

First, a bit of background. Last year’s Tech Trends report examined how maintaining the procedural, organizational, and technological infrastructure required to create institutionalized trust throughout an increasingly digitized global economy is becoming expensive, time-consuming, and in many cases inefficient.

Moreover, new gauges of trustworthiness are disrupting existing trust protocols such as banking systems, credit rating agencies, and legal instruments that make transactions between parties possible. Ride-sharing apps depend on customers publicly ranking drivers’ performance; an individual opens her home to a paying lodger based on the recommendations of other homeowners who have already hosted this same lodger. These gauges represent the codification of reputation and trustworthiness. We are growing accustomed to the notion that positive comments appearing under an individual’s name means we can trust that person...

Read more:
dupress.deloitte.com/dup-us-en/focus/tech-trends/2017/blockchain-trust-economy.html

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