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How Blockchain Could Power The Trust Economy

Opinion

How Blockchain Could Power The Trust Economy

Blockchain, the technology that drives Digital Currencies like Bitcoin, is set to power the next generation of business, government, and more.

Since 2008 and the beginning of the Great Recession, then extending through data breaches, accounting and tax fraud, falsified records, fake news, art fraud, and much more, traditional audit process and supervisory boards no longer seem good enough. The result is widespread broken trust in systems, individuals, processes, and institutions that we’ve relied on for over 70 years.

The promise of the Internet to give a voice to the voiceless has totally gone awry. The unbridled ability to play with the truth has literally caused havoc and harm around the world. The Dark Web is really dark and it clearly reveals the darkest side of humanity.

A new form of trust and a new way for content creators to own their data is required . The promise of blockchain is huge, with many saying it could save us all. Because through Blockchain protocol it is possible for every person to know exactly what is and isn’t true.

That’s because blockchain is a public electronic ledger — similar to a relational database — that can be is shared among users to create an unchangeable record of their transactions, each one time-stamped and linked to the previous one.

But beware. We are at the Internet in about 1994 — before Google, before Yahoo, or eBay, or even AOL. This is the very beginning of what will be a massive rearrangement of how things work.

Creating a new Trust Economy is the right place to start. Restoring trusted transactions and removing suspicion would take us a very long way in redefining business relationships and business processes. It might also help us rediscover our humanity and help us forge a future built on principles we’re in danger of losing forever.

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Guest Contributor. Beverly is the author of the best selling book The Power of Real-Time Social Media Marketing. She teaches the Global Business of Sports & Entertainment at UCLA Anderson School of Management and is a thought leader in emerging technology and media trends. She is also part of the UCLA Blockchain Lab -- Twitter: @BeverlyMacy

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