Trust & Blockchain — What, How and Why?
In our previous article, we discussed how blockchain can add value to your business and the way its adoption can completely turn around your approach towards running an organization. Today, the idea is to focus on probably blockchain’s most prominent add-on: Trust. In this post, we shall elucidate on trust-building as a quintessential aspect of developing a successful enterprise and how blockchain is the most relevant technology in a quest to achieve the trust factor.
Irrespective of the business domain you are into, the one common denominator which defines your enterprise is the trust instilled within the organization, along with the transparency and reliance which emanates towards the end users of your product or service.
You can conclude the existence of trust throughout the enterprise if employees within the organization are completely convinced about the transparency in operational activities, and at the same time, consumers feel at ease while transacting with your venture.
However, identity theft, data & resource mismanagement, fraudulent transactions etc. have intertwined with enterprises and consumers all across the industry space. Increasing number of customers across the world are becoming skeptical about interacting with businesses to process online transactions, and intra-organizational mishaps due to ambiguity in operations is a common scenario. For businesses to rebuild their credibility, it is extremely important to bridge the gap between consumers and organizations by reinforcing trust, transparency, and security through technology.
With respect to the existing scenario and pattern of challenges, the blockchain technology seems to be the most relevant solution. Blockchain mitigates the requirement of a centralized database, and instead stores anything of value (transactional records, data, digital identity etc.) in a distributed manner immutably across a network of computers. Transactions within a network are recorded on the blockchain through a consensus algorithm. This ensures that anyone within the network at any point in time can view and verify all previous transactional data. Thus the blockchain creates a trail of records maintained in a distributed ledger with no single entity in control of it. Financial transactions, data transfers and multiple other backend activities can be carried out with utmost transparency and security through the implementation of smart contracts, which are self-executing agreements, thus mitigating the requirement of intermediaries and rebuilding trust within the enterprise ecosystem through enforcement of technology.
With everything visible on a public ledger, counter parties no longer need to establish trust among themselves while interacting. It now all boils down to developing a trust in the technology, which itself shall take care of the rest. The wide-scale adoption of blockchain by businesses shall bring back the fading trust factor and uphold the integrity in the way interactions occur within and outside an enterprise. Nikoin’s blockchain as a service platform is specially designed for businesses, with the same objective of injecting reliance and transparency within enterprises, through its easy to deploy plug and play model.
In our future posts, we shall delve deep into our proposes blockchain solution.
